Around $375 Million Bet On This Biotechnology Stock? Check Out These 4 Stocks Insiders Are Buying

Although US stocks closed mixed on Thursday, 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.

Live Nation Entertainment

• The Trade: Live Nation Entertainment, Inc. LYV Director Jimmy Iovine acquired a total of 13,740 shares an average price of $73.28. To acquire these shares, it cost around $1.01 million.
• What’s Happening: Redburn Partners recently initiated coverage on Live Nation Entertainment with a Neutral rating.
• What Live Nation Entertainment Does: Live Nation is the largest live entertainment firm in the world with over 570 million fans served in 44 countries in 2018 by the company's concert and ticketing platforms.

Ivanhoe Electric

• The Trade: Ivanhoe Electric Inc. IE Executive Chairman Robert M Friedland acquired a total of 422,767 shares at an average price of $9.85. To acquire these shares, it cost around $4.16 million.
• What’s Happening: Ivanhoe Electric recently initiated diamond drilling at the Tintic Copper-Gold Project in Utah.
• What Ivanhoe Electric Does: Ivanhoe Electric Inc is a mineral project exploration and development company with a focus on identifying and developing mineral projects, and ultimately mines, associated with the metals necessary for electrification, in particular, copper, gold, silver, nickel, cobalt, vanadium, and the platinum group metals.

Don’t forget to check out our premarket coverage here .

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GoHealth

• The Trade: GoHealth, Inc. GOCO 10% owner CB Blizzard Holdings C, L.P. bought a total of 268,229 shares at an average price of $13.02. To acquire these shares, it cost around $3.49 million.
• What’s Happening: The company, last month, posted a narrower-than-expected quarterly loss.
• What GoHealth Does: GoHealth Inc is a health insurance marketplace in America. Its technology platform leverages modern machine-learning algorithms and helps individuals find the best health insurance plan for their specific needs.

Akouos

• The Trade: Akouos, Inc. AKUS 10% owner Eli Lilly & Co bought a total 29,992,668 shares at an average price of $12.50. The insider spent around $374.91 million to buy those shares.
• What’s Happening: Akouos, last month, posted a Q3 loss of $0.54 per share.
• What Akouos Does: Akouos Inc is a genetic medicine company focused on developing gene therapies that restore, improve, and preserve hearing.