The Dow Jones dropped by more than 100 points on Thursday. 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
Creative Medical Technology Holdings
- The Trade: Creative Medical Technology Holdings, Inc. (NASDAQ:CELZ) President and CEO Timothy Warbington bought a total of 42,000 shares at an average price of $0.59. To acquire these shares, it cost around $24.82 thousand.
- What’s Happening: The company’s stock dropped around 82% over the past six months.
- What Creative Medical Technology Does: Creative Medical Technology Holdings Inc is a biotechnology holding company focused on regenerative medicine.
Cyclo Therapeutics
- The Trade: Cyclo Therapeutics, Inc. (NASDAQ:CYTH) Director Francis Patrick Ostronic acquired a total of 5,000 shares at an average price of $1.76. The insider spent around $8.8 thousand to buy those shares.
- What’s Happening: Cyclo Therapeutics, last month, posted a Q2 loss of $0.41 per share.
- What Cyclo Therapeutics Does: Cyclo Therapeutics Inc is a clinical-stage biotechnology firm. The company develops cyclodextrin-based products for the treatment of disease. Its lead drug candidate, Trappsol Cyclo, treats Niemann-Pick Type C disease (NPC).
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TRACON Pharmaceuticals
- The Trade: TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) 10% owner Opaleye Management Inc acquired a total of 17,311 shares at an average price of $1.73. To acquire these shares, it cost around $29.94 thousand.
- What’s Happening: The U.S. Food and Drug Administration (FDA) granted fast track designation for the development of TRACON’s lead asset envafolimab (KN035) for patients with locally advanced, unresectable or metastatic undifferentiated pleomorphic sarcoma (UPS) and myxofibrosarcoma (MFS) who have progressed on one or two prior lines of chemotherapy.
- What TRACON Pharmaceuticals Does: TRACON Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of novel targeted therapeutics for cancer and utilizing its cost efficient, contract research organization (CRO) independent product development platform to partner with ex-U.S. companies to develop and commercialize innovative products in the United States.
Great Elm Group
- The Trade: Great Elm Group, Inc. (NASDAQ:GEG) 10% owner Long Ball Partners LLC acquired a total of 165,906 shares at an average price of $2.05. The insider spent $12.48 thousand to buy those shares.
- What’s Happening: Great Elm Group recently posted Q4 sales of $18.10 million.
- What Great Elm Group Does: Great Elm Group Inc operates as a holding company. The company operates in two business lines including durable medical equipment and investment management.
