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Over $20M Bet On This Healthcare Stock? Check Out These 3 Stocks Insiders Are Buying

Author: Avi Kapoor | March 07, 2024 09:54am

Although U.S. stocks closed higher on Wednesday, 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.

SunOpta

  • The Trade: SunOpta Inc. (NASDAQ:STKL) CEO Brian W Kocher acquired a total of 38,000 shares an average price of $6.65. To acquire these shares, it cost around $252,757.
  • What’s Happening: On Feb. 28, SunOpta posted upbeat quarterly earnings.
  • What SunOpta Does: SunOpta Inc is a Canadian company that focuses on a healthy product portfolio.

89bio

  • The Trade: 89bio, Inc. (NASDAQ:ETNB) Director Rajeev Shah acquired a total of 1,350,000 shares at an average price of $15.35. To acquire these shares, it cost around $20.72 million.
  • What’s Happening: On Feb. 29, 89bio posted a wider-than-expected quarterly loss.
  • What 89bio Does: 89bio Inc is a United States-based clinical-stage biopharmaceutical company focused on the development and commercialization of therapies for the treatment of liver and cardio-metabolic diseases.

Don’t forget to check out our premarket coverage here

IonQ

  • The Trade: IonQ, Inc. (NYSE:IONQ) Director Harry L. You bought a total of 115,000 shares at an average price of $9.28. To acquire these shares, it cost around $1.07 million.
  • What’s Happening: On Feb 28, IonQ reported second-quarter revenue of $6.11 million, which beat the consensus estimate of $5.76 million.
  • What IonQ Does: IonQ Inc sells access to several quantum computers of various qubit capacities and is in the process of researching and developing technologies for quantum computers with increasing computational capabilities.

 

Check This Out: Cramer: This REIT Is 'A Little Too Dicey'; As For Marathon Digital, 'Own The Pure'

Posted In: ETNB IONQ STKL


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