The Nasdaq Composite index tumbled by more than 550 points on Wednesday. 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.3
Purple Innovation
- The Trade: Purple Innovation, Inc. (NASDAQ:PRPL) 10% owner Coliseum Capital Co-Invest III, L.P. acquired a total of 3,372,731 shares at an average price of $4.66. To acquire these shares, it cost $15.63 million.
- What’s Happening: Purple Innovation recently reported better-than-expected Q1 EPS and sales results.
- What Purple Innovation Does: Purple Innovation Inc is a comfort innovation company. The company designs, manufactures and sells a range of comfort technology offerings, including mattresses, a pillow, cushions, sheets, bed platforms, and other products.
DURECT
- The Trade: DURECT Corporation (NASDAQ:DRRX) Director Gail M Farfel acquired a total of 55,211 shares at an average price of $0.40. The insider spent around $22.01 thousand to buy those shares.
- What’s Happening: Durect recently posted a Q1 net loss of $10.8 million.
- What DURECT Does: Durect Corp is a biopharmaceutical company. It is engaged in the research, development, and manufacturing of pharmaceutical products.
Also check this: Executives Buy More Than $90M Of 4 Stocks
Don’t forget to check out our premarket coverage here .
OppFi
- The Trade: OppFi Inc. (NYSE:OPFI) Director Theodore G Schwartz acquired a total of 18,026 shares at an average price of $2.97. To acquire these shares, it cost around $53.46 thousand.
- What’s Happening: OppFi recently reaffirmed its FY22 guidance.
- What OppFi Does: OppFi Inc is a financial technology platform that powers banks to help the everyday consumer gain access to credit.
Airspan Networks Holdings
- The Trade: Airspan Networks Holdings Inc. (NYSE:MIMO) Director Bandel Carano acquired a total of 80,000 shares at an average price of $2.74. The insider spent $218.91 thousand to buy those shares.
- What’s Happening: Airspan Networks recently posted a Q1 loss of $0.41 per share.
- What Airspan Networks Holdings Does: Airspan Networks Holdings Inc is a provider of groundbreaking, disruptive software and hardware for 5G networks, and end-to-end Open RAN solutions that provide interoperability with other vendors.
Mersana Therapeutics
- The Trade: Mersana Therapeutics, Inc. (NASDAQ:MRSN) Director Andrew Hack acquired a total of 350,000 shares at an average price of $3.25. The insider spent $1.14 million to buy those shares.
- What’s Happening: Mersana Therapeutics recently reported worse-than-expected Q1 EPS results.
- What Mersana Therapeutics Does: Mersana Therapeutics Inc is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to develop targeted drugs with increased tolerability and expanded opportunities to deliver meaningful clinical benefit to patients.
