3 Penny Stocks Insiders Are Buying

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.

Independence Contract Drilling

The Trade: Independence Contract Drilling, Inc. ICD 10% owner William Monroe acquired a total of 350587 shares at an average price of $4.10. The insider spent $1,438,567.44 to acquire those shares. The insider also disposed a total of 15687 shares.

What’s Happening: Independence Contract Drilling, last month, signed a drilling contract for the reactivation of its 16th rig which will work in the Permian Basin.

What Independence Contract Drilling Does: Independence Contract Drilling Inc is engaged in providing land-based contract drilling services for oil and natural gas producers.

Athenex

The Trade: Athenex, Inc. ATNX Director Jinn Wu acquired a total of 10000 shares shares at an average price of $2.67. The insider spent $26,700.00 to buy those shares.

What’s Happening: Athenex recently issued an update from the FDA Type A meeting regarding oral Paclitaxel + Encequidar in metastatic breast cancer.

What Athenex Does: Athenex Inc is a global biopharmaceutical company dedicated to the discovery, development and commercialization of novel therapies for the treatment of cancer.

Akerna

The Trade: Akerna Corp. KERN Director Matthew Ryan Kane acquired a total of 13153 shares at an average price of $2.70. To acquire these shares, it cost $30,507.30.

What’s Happening: Akerna recently reported a $20 million convertible debt financing from existing institutional investors.

What Akerna Does: Akerna Corp is a United States-based company. The firm is the first compliance technology company in the cannabis space.