Butterfly Network And 2 Other Stocks Under $5 Insiders Are Buying

The Dow Jones index closed higher by over 50 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.

Standard BioTools

• The Trade: Standard BioTools Inc (NASDAQ:LAB) Director Casdin Private Growth Equity Fund, L.P. bought a total of 1,069,562 shares at an average price of $1.61. To acquire these shares, it cost around $1.72 million.
• What's Happening: On July 31, Standard BioTools reported worse-than-expected quarterly financial results and cut FY24 revenue guidance below estimates..
• What Standard BioTools Does: Standard BioTools Inc develops, manufactures, and sells technologies that help biomedical researchers in their search for developing medicines faster.

Cyanotech

• The Trade: Cyanotech Corporation (OTC:CYAN) Director Michael A / Davis acquired a total of 10,000 shares at an average price of $0.73. To acquire these shares, it cost around $7,250.
• What's Happening: On Aug. 7, Cyanotech announced financial results for the first quarter of fiscal year 2025, ended June 30, 2024.
• What Cyanotech Does: Cyanotech Corp is engaged in the production of natural products derived from microalgae for the nutritional supplements market.

PHX Minerals

• The Trade: PHX Minerals Inc. (NYSE:PHX) SVP – CFO Raphael D'Amico acquired a total of 3,000 shares at an average price of $3.30. The insider spent around $9,898 to buy those shares.
• What's Happening: On Aug. 12, PHX Minerals reported better-than-expected third-quarter financial results.
• What PHX Minerals Does: PHX Minerals Inc is an oil and natural gas mineral company that has employed a plan to shift the core of its business away from drilling and toward perpetual mineral and natural gas ownership.

• Dow Settles Higher But Records Weekly Loss: Greed Index Remains In 'Extreme Fear' Zone