$92 Million Bet On This Penny Stock? Also Check Out Other 3 Stocks Under $5 Insiders Are Buying

U.S. initial jobless claims dropped by 2,000 to 250,000 the week ended August 13th. 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

OncoCyte

• The Trade: IN8bio, Inc. INAB President, CEO and Chairman Taiwei William Ho bought a total of 26,315 shares at an average price of $1.90. To acquire these shares, it cost around $50 thousand.
• What’s Happening: IN8bio recently posted a Q2 loss of $0.38 per share.
• What OncoCyte Does: IN8bio Inc is a clinical-stage biotechnology company.

Harvard Bioscience

• The Trade: Harvard Bioscience, Inc. HBIO CEO James Green acquired a total of 40,000 shares at an average price of $3.19. The insider spent around $127.6 thousand to buy those shares.
• What’s Happening: The company recently released Q2 results.
• What Harvard Bioscience Does: Harvard Bioscience Inc is a US-based developer, manufacturer, and seller of technologies, specialized products and services that enable fundamental research, discovery, and pre-clinical testing for drug development.

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Summit Therapeutics

• The Trade: Summit Therapeutics Inc. SMMT CEO Robert W Duggan acquired a total of 94,849,203 shares at an average price of $0.97. To acquire these shares, it cost around $92 million.
• What’s Happening: Summit Therapeutics recently posted a Q2 loss of $0.17 per share.
• What Summit Therapeutics Does: Summit Therapeutics Inc is a biopharmaceutical company that focuses on the discovery, development, and commercialization of novel antibiotics for serious infectious diseases.

Medalist Diversified REIT

• The Trade: Medalist Diversified REIT, Inc. MDRR CFO C. Brent Winn acquired a total of 50,000 shares at an average price of $0.90. The insider spent $45.07 thousand to buy those shares.
• What’s Happening: Alfred Lee Finley, last month, disclosed a 10.9% passive stake in Medalist Diversified REIT.
• What Medalist Diversified REIT Does: Medalist Diversified REIT Inc is engaged in the acquisition, reposition, renovation, leasing and managing of income-producing properties with a focus on commercial properties, including flex-industrial and retail properties, multi-family residential properties and hotel properties.