Although the Dow Jones dropped by more than 600 points on Thursday, 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.
Tricida
- The Trade: Tricida, Inc. (NASDAQ:TCDA) 10% owner Nimish Shah acquired a total of 588,024 shares at at an average price of $9.65. To acquire these shares, it cost around $5.67 million.
- What’s Happening: Tricida, last month, said it is stopping its VALOR-CKD renal outcomes trial early for administrative reasons under the existing study protocol to allow for six months of financial runway following topline results, currently anticipated in early Q4 2022.
- What Tricida Does: Tricida Inc is a pharmaceutical company focused on the development and commercialization of its drug candidate, veverimer (TRC101), a non-absorbed, orally-administered polymer designed to treat metabolic acidosis by binding and removing acid from the gastrointestinal, or GI, tract.
Clearwater Analytics Holdings
- The Trade: Clearwater Analytics Holdings, Inc. (NYSE:CWAN) 10% owner Durable Capital Partners LP acquired a total of 567,547 shares at an average price of $13.53. To acquire these shares, it cost around $7.68 million.
- What’s Happening: Wells Fargo recently maintained an Overweight rating on Clearwater Analytics and lowered price target to $22.
- What Clearwater Analytics Does: Clearwater Analytics Holdings Inc provides investment accounting and reporting, performance measurement, compliance monitoring, and risk analytics solutions for asset managers, insurance companies, and large corporations.
Don’t forget to check out our premarket coverage here .
Also check this: 3 Stocks Under $2 Insiders Are Aggressively Buying
Archrock
- The Trade: Archrock, Inc. (NYSE:AROC) 10% owner Melinda Hildebrand bought a total of 200,000 shares at an average price of $10.18. To acquire these shares, it cost around $2.04 million.
- What’s Happening: Archrock, last month, posted Q1 EPS of $0.01.
- What Archrock Does: Archrock Inc is a U.S. based natural gas contract operations services company and provider of natural gas compression services.
