The Dow Jones index closed higher by over 650 points on Friday. When insiders purchase or sell shares, it indicates their confidence or concern around the company's prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.
Below is a look at a few recent notable insider transactions for penny stocks. For more, check out Benzinga's insider transactions platform.
ARCA biopharma
- The Trade: ARCA biopharma, Inc. (NASDAQ:ABIO) 10% owner Janus Henderson Biotech Innovation Master Fund Ltd bought a total of 220,083 shares at an average price of $3.18. To acquire these shares, it cost around $699,165.
- What's Happening: On April 25, ARCA biopharma posted a first-quarter loss of 14 cents per share.
- What ARCA biopharma Does: ARCA biopharma Inc is a clinical-stage biopharmaceutical company applying a precision medicine approach to the development and commercialization of targeted therapies for cardiovascular diseases.
Anixa Biosciences
- The Trade: Anixa Biosciences, Inc. (NASDAQ:ANIX) Director Arnold M Baskies acquired a total of 5,000 shares at an average price of $3.09. To acquire these shares, it cost around $15,450.
- What's Happening: On July 23, Anixa Biosciences announced that its collaborator, Moffit Cancer Center, has received FDA approval for an individual patient Investigational New Drug Application (IND) to allow a second dose of its CAR-T therapy for a patient that may be demonstrating clinical activity to the initial treatment.
- What Anixa Biosciences Does: Anixa Biosciences Inc, a cancer-focused biotechnology company, developing vaccines and therapies that are focused on critical unmet needs in oncology.
Lifeloc Technologies
- The Trade: Lifeloc Technologies, Inc. (OTC:LCTC) CFO Vern D Kornelsen acquired a total of 45,620 shares at an average price of $3.80. The insider spent around $173,356 to buy those shares.
- What's Happening: On July 26, Lifeloc Technologies named Adam Kashenberg to its Board of Directors.
- What Lifeloc Technologies Does: Lifeloc Technologies Inc is a developer, manufacturer, and marketer of portable hand-held and fixed station breathalyzers and related accessories, supplies and education.
Cyanotech
- The Trade: Cyanotech Corporation (OTC:CYAN) Director Michael A / Davis acquired a total of 10,000 shares at an average price of $0.62. The insider spent around $6,200 to buy those shares.
- What's Happening: On June 26, Cyanotech reported net sales of $23,071,000 for fiscal 2024 compared to $23,178,000 in fiscal 2023.
- What Cyanotech Does: Cyanotech Corp is engaged in the production of natural products derived from microalgae for the nutritional supplements market.
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