US crude oil futures traded lower this morning on Friday. Investors, meanwhile, focused on some notable insider trades.
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.
Inozyme Pharma
- The Trade: Inozyme Pharma, Inc. (NASDAQ:INZY) 10% owner Patrick Enright acquired a total of 1,355,000 shares at an average price of $3.69. To acquire these shares, it cost $5 million.
- What’s Happening: The company recently announced an underwritten offering of 16,276,987 shares of its common stock at $3.69 per share for gross proceeds of ~$73 million.
- What Inozyme Pharma Does: Inozyme Pharma Inc is a rare disease biopharmaceutical company developing novel therapeutics for the treatment of diseases of abnormal mineralization impacting the vasculature, soft tissue and skeleton.
NN
- The Trade: NN, Inc. (NASDAQ:NNBR) 10% owner Hjalmar Eric Soderlund acquired a total of 403,916 shares at an average price of $2.64. The insider spent around $1.07 million to buy those shares.
- What’s Happening: NN, last month, reported its financial results for the fourth quarter and full year ended December 31, 2021.
- What NN Does: NN, a diversified industrial company, designs, manufactures, and sells high-precision components and assemblies.
Also check this: Insiders Buy More Than $15M Of 3 Stocks
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