Although US stocks closed lower on Wednesday following the release of Fed minutes, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.
CinCor Pharma
- The Trade: CinCor Pharma, Inc. (NASDAQ: CINC) 10% owner 5AM Opportunities II, L.P. acquired a total of 600,000 shares at an average price of $30.00. To acquire these shares, it cost around $18 million.
- What’s Happening: CinCor Pharma recently priced upsized 7.5 million share public offering of common stock and pre-funded warrants at $30 per share.
- What CinCor Pharma Does: CinCor Pharma Inc is a clinical-stage biopharmaceutical company focused on developing its lead clinical candidate, CIN-107, for the treatment of hypertension and other cardio-renal diseases.
- The Trade: HF Sinclair Corporation (NYSE: DINO) Director Franklin Myers acquired a total 4,800 shares at an average price of $51.98. To acquire these shares, it cost around $249.5 thousand.
- What’s Happening: HF Sinclair recently reported better-than-expected Q2 financial results.
- What HF Sinclair Does: HF Sinclair is an integrated petroleum refiner that owns and operates seven refineries serving the Rockies, midcontinent, Southwest, and Pacific Northwest, with a total crude oil throughput capacity of 678,000 barrels per day.
Also check this: Volatility In Markets Increases Following Release Of Fed Minutes
Insight Enterprises
- The Trade: Insight Enterprises, Inc. (NASDAQ: NSIT) 10% owner ValueAct Holdings GP LLC bought a total of 51,601 shares at an average price of $94.06. To acquire these shares, it cost around $4.85 million.
- What’s Happening: The company recently reported Q2 results.
- What Insight Enterprises Does: Insight Enterprises Inc is a Fortune 500 global IT provider primarily engaged in helping businesses of all sizes, large enterprises, governments, schools, and health care organizations.
- The Trade: Greenhill & Co., Inc. (NYSE: GHL) Chairman and CEO Scott L Bok bought a total of 110,430 shares at an average price of $8.89. The insider spent around $981.56 thousand to buy those shares.
- What’s Happening: Greenhill & Co recently posted a Q2 loss of $1.03 per share.
- What Greenhill Does: Greenhill & Co Inc is an independent investment bank that provides financial and strategic advice on significant domestic and cross-border mergers and acquisitions, divestitures, restructurings, financings, capital raising and other transactions to a diverse client base, including corporations, partnerships, institutions and governments globally.
Read at Benzinga