$1.7 Million Bet On This Biotechnology Stock? 3 Penny Stocks Insiders Are Buying

U.S. stock futures traded higher this morning after recording losses in the previous session. 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

BitNile

• The Trade: BitNile Holdings, Inc. NILE Executive Chairman Milton C. Ault III acquired a total of 150,000 shares at an average price of $0.33. To acquire these shares, it cost around $49.01 thousand.
• What’s Happening: BitNile's subsidiary, TurnOnGreen, was awarded State, Federal, and Utility certifications for its electric vehicle chargers.
• What BitNile Does: BitNile Holdings Inc is a diversified holding company owning subsidiaries engaged in commercial and defence solutions, commercial lending, and data centre operations in North America, Europe, the Middle East, and internationally.

ESSA Pharma

• The Trade: ESSA Pharma Inc. EPIX 10% owner BB Biotech AG acquired a total of 588,869 shares at an average price of $2.93. The insider spent around $1.73 million to buy those shares.
• What’s Happening: ESSA Pharma recently presented clinical results from the Phase 1a dose-escalation study of EPI-7386 as a monotherapy for metastatic castration-resistant prostate cancer resistant to current standard-of-care therapies.
• What ESSA Pharma Does: ESSA Pharma Inc is a pharmaceutical company. The company is in the preclinical stage, focused on the development of small molecule drugs for the treatment of castration-resistant prostate cancer.

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SeaChange International

• The Trade: SeaChange International, Inc. SEAC 10% owner Karen Singer acquired a total of 519,478 shares at an average price of $0.57. To acquire these shares, it cost around $296.48 thousand.
• What’s Happening: The company’s stock has tumbled over 65% since the start of the year.
• What SeaChange International Does: SeaChange International Inc is a provider of multiscreen video solutions for television service providers, telecommunications companies, satellite operators, and media companies.