U.S. stocks traded slightly higher 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
Wave Life Sciences
- The Trade: Wave Life Sciences Ltd. (NYSE:WVE) Director Rajeev Shah acquired a total of 9,480,052 shares at an average price of $2.15. To acquire these shares, it cost around $20.38 million.
- What’s Happening: Wave Life Sciences recently priced 25,464,483 share offering at $2.15 per share.
- What Wave Life Sciences Does: WAVE Life Sciences Ltd is a preclinical biopharmaceutical company based in Singapore. It owns a diverse pipeline of nucleic acid therapeutics meant to address rare genetic diseases related to the central nervous system, muscles, eyes, liver, and skin.
Vaxxinity
- The Trade: Vaxxinity, Inc. (NASDAQ:VAXX) 10% owner United Biomedical Inc acquired a total of 100,000 shares at an average price of $1.99. The insider spent around $199.29 thousand to buy those shares.
- What’s Happening: The company, last month, posted a narrower-than-expected quarterly loss.
- What Vaxxinity Does: Vaxxinity Inc is engaged in the development and commercialization of prophylactic and therapeutic vaccines to combat chronic disorders and infectious diseases with large patient populations and unmet medical needs.
Also check this: U.S. Stocks Turn Higher; Athira Pharma Shares Plummet
Rekor Systems
- The Trade: Rekor Systems, Inc. (NASDAQ:REKR) 10% owner Arctis Global Llc acquired a total of 243,902 shares at an average price of $2.15. To acquire these shares, it cost around $523.8 thousand.
- What’s Happening: Missouri DOT recently selected Rekor Systems' advanced AI-driven solutions to improve highway congestion and reduce traffic fatalities.
- What Rekor Systems Does: Rekor Systems Inc is a United States-based company. It is engaged in providing real-time roadway intelligence through AI-driven decisions.
