$40 Million Bet On Inhibrx? 3 Stocks Insiders Are Buying

Although US stocks closed slightly lower on Wednesday, 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.

Enviva

• The Trade: Enviva Inc. EVA Director Jeffrey W Ubben acquired a total of 200,000 shares an average price of $50.69. To acquire these shares, it cost around $10.14 million.
• What’s Happening: Blue Orca recently issued a bearish report on the stock.
• What Enviva Does: Enviva Inc is a global energy company specializing in sustainable wood bioenergy. It is a producer of sustainable wood pellets, which provide a low-carbon alternative to fossil fuels.

Momentive Global

• The Trade: Momentive Global Inc. MNTV Director Raymond White acquired a total of 772,500 shares at an average price of $7.15. To acquire these shares, it cost around $5.52 million.
• What’s Happening: The company’s stock tumbled around 70% over the past six months.
• What Momentive Global Does: Momentive Global Inc, formerly SVMK Inc is a United States based company. It is engaged in providing survey software products and purpose-built solutions that enable organizations to engage with their key constituents, including their customers, employees and the markets they serve.

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Also check this: PepsiCo To Surge Over 12%? Plus Morgan Stanley Sees $420 For This Stock

Inhibrx

• The Trade: Inhibrx, Inc. INBX 10% owner Sharon Rose Shabet bought a total of 1,333,333 shares at an average price of $30.00. To acquire these shares, it cost around $40 million.
• What’s Happening: Based on discussions with the FDA, Inhibrx has the potential to pursue accelerated approval for INBRX-101 for emphysema due to alpha-1 antitrypsin deficiency (AATD) using functional alpha-1 antitrypsin (AAT) serum levels as the surrogate endpoint.
• What Inhibrx Does: Inhibrx Inc is a clinical-stage biotechnology company focused on developing a pipeline of novel biologic therapeutic candidates.