Executives Buy Around $5M Of 3 Penny Stocks

US stocks closed mixed on Wednesday. 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.

Black Diamond Therapeutics

• The Trade: Black Diamond Therapeutics, Inc. BDTX 10% owner BB Biotech Ag acquired a total of 300,000 shares at an average price of $3.27. To acquire these shares, it cost $980.58 thousand.
• What’s Happening: Black Diamond Therapeutics recently said first patient was dosed in Phase 1 study of BDTX-1535, a masterkey inhibitor of EGFR for the treatment of glioblastoma and non-small cell lung cancer.
• What Black Diamond Therapeutics Does: Black Diamond Therapeutics Inc is a precision oncology medicine company. It is engaged in the discovery and development of small molecule, tumor-agnostic therapies.

Inozyme Pharma

• The Trade: Inozyme Pharma, Inc. INZY Director Pivotal bioVenture Partners Fund I U.G.P., Ltd acquired a total of 1,070,000 shares at an average price of $3.69. The insider spent around $3.95 million to buy those shares.
• What’s Happening: The company recently announced an underwritten offering of 16,276,987 shares of its common stock at $3.69 per share for gross proceeds of $73 million.
• What Inozyme Pharma Does: Inozyme Pharma Inc is a rare disease biopharmaceutical company developing novel therapeutics for the treatment of diseases of abnormal mineralization impacting the vasculature, soft tissue and skeleton.

Also check this: Insiders Buy More Than $15M Of 3 Stocks

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Societal CDMO

• The Trade: Societal CDMO, Inc. SCTL 10% owner AWM Investment Company Inc acquired a total of 27,700 shares at an average price of $1.55. To acquire these shares, it cost around $43.03 thousand.
• What’s Happening: The company recently announced the addition of new employees to fill open roles throughout the organization.
• What Societal CDMO Does: Societal CDMO, Inc is a contract development and manufacturing organization.