Trilogy Metals And 2 Other Penny Stocks Insiders Are Aggressively Buying

Author: Lisa Levin | May 03, 2023 09:06am

The Dow Jones closed lower by over 300 points on Tuesday. 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.

Trilogy Metals

• The Trade: Trilogy Metals Inc. (NYSE:TMQ) 10% owner South International Investment Holdings Proprietary Ltd acquired a total 2,181,818 shares an average price of $0.55. To acquire these shares, it cost around $1.2 million.
• What’s Happening: Trilogy Metals reported the closing of the previously announced non-brokered private placement of 5,854,545 common shares of the Company at a price of $0.55 per Common Share for gross proceeds of $3.22 million.
• What Trilogy Metals Does: Trilogy Metals Inc is an exploration stage company engaged in mineral exploration.

Fomo Worldwide

• The Trade: Fomo Worldwide, Inc. (OTC:FOMC) CEO, Director Vikram P Grover acquired a total of 41,882,148 shares at an average price of $0.05. The insider spent around $2.08 million to buy those shares.
• What’s Happening: FOMO WORLDWIDE agreed to acquire Brookwood Media Arts, Inc., a pioneer in the field of custom content creation and management services.
• What Fomo Worldwide Does: Fomo Worldwide Inc is focused on business incubation and acceleration. It invests in and advises emerging companies.

Kinnate Biopharma

• The Trade: Kinnate Biopharma Inc. (NASDAQ:KNTE) 10% owner Orbimed Capital LLC acquired a total of 1,405,168 shares at an average price of $2.61. To acquire these shares, it cost around $3.67 million.
• What’s Happening: Kinnate Biopharma added two new drug candidates to its growing targeted oncology pipeline.
• What Kinnate Biopharma Does: Kinnate Biopharma Inc is a clinical-stage precision oncology company focused on the discovery, design, and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers.

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Posted In: FOMC KNTE TMQ