Although the Dow Jones dropped around 875 points on Monday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.
MGM Resorts International
- The Trade: MGM Resorts International (NYSE: MGM) Director Paul Salem acquired a total of 34,500 shares at at an average price of $28.92. To acquire these shares, it cost around $1 million.
- What’s Happening: MGM's BetMGM, last month, reaffirmed its sales and profit guidance.
- What MGM Resorts Does: MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one fourth of all units in the market.
- The Trade: Lions Gate Entertainment Corp. (NYSE: LGF-B) Director Gordon Crawford acquired a total of 132,383 shares at an average price of $9.43. To acquire these shares, it cost around $1.25 million.
- What’s Happening: Lionsgate recently reported Q4 revenue of $929.9 million and operating loss of $50.4 million.
- What Lions Gate Entertainment Does: Lions Gate Entertainment Corp is a filmed entertainment studio with a presence in motion pictures, television programming, home entertainment, and digitally delivered content.
Also check this: Executives Sell More Than $211M Of 2 Stocks
NGM Biopharmaceuticals
- The Trade: NGM Biopharmaceuticals, Inc. (NASDAQ: NGM) Director David Goeddel V bought a total of 984,161 shares at an average price of $13.50. To acquire these shares, it cost around $13.29 million.
- What’s Happening: NGM Biopharmaceuticals, last month, initiated a Phase 1/1b clinical study of its drug candidate NGM438 for the treatment of patients with advanced solid tumors.
- What NGM Biopharmaceuticals Does: NGM Biopharmaceuticals Inc is a clinical-stage biopharmaceutical company. It is engaged in developing novel therapeutics based on scientific understanding of key biological pathways for the treatment of cardio-metabolic, liver, oncologic and ophthalmic diseases.
Read at Benzinga