$41 Million Bet On This Biotechnology Stock? 3 Stocks Insiders Are Buying

Although US stocks closed mostly 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.

Prime Medicine

• The Trade: Prime Medicine, Inc. PRME Director Robert Nelsen acquired a total of 12,272,674 shares an average price of $17.00. To acquire these shares, it cost around $13.6 million.
• What’s Happening: The company recently priced its IPO at $17 per share.
• What Prime Medicine Does: Prime Medicine Inc is a biotechnology company committed to delivering genetic therapies to address diseases by deploying gene editing technology, Prime Editing.

Biohaven

• The Trade: Biohaven Ltd. BHVN Director John Childs acquired a total of 3,900,000 shares at an average price of $10.50. To acquire these shares, it cost around $40.95 million.
• What’s Happening: Piper Sandler maintained Biohaven with an Overweight and lowered the price target from $23 to $21.
• What Biohaven Does: Biohaven Ltd is a clinical-stage biopharmaceutical company focused on discovering and developing therapies to improve the lives of patients with debilitating neurological and neuropsychiatric diseases, immunology, and disease-related biology, including rare disorders.

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RE/MAX Holdings

• The Trade: RE/MAX Holdings, Inc. RMAX 10% owner Magnolia Group LLC bought a total of 4,830 shares at an average price of $18.57. To acquire these shares, it cost around $89.69 thousand.
• What’s Happening: JonesTrading, last month, maintained RE/MAX Hldgs with a Buy and lowered the price target from $34 to $28.
• What RE/MAX Holdings Does: RE/MAX Holdings Inc operates as a franchisor of real estate brokerage services.