Over $13 Million Bet On This Biotechnology Stock? Check Out These 4 Stocks Insiders Are Buying

Although US stocks closed lower on Friday, 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.

Universal Technical Institute

• The Trade: Universal Technical Institute, Inc. UTI Director Adam Gray acquired a total of 216,719 shares an average price of $6.24. To acquire these shares, it cost around $1.35 million.
• What’s Happening: Universal Technical recently reported worse-than-expected Q4 sales results..
• What Universal Technical Institute Does: Universal Technical Institute Inc is an educational institution. It provides undergraduate degree, as well as certificate programs for technicians in the automotive, diesel, collision repair, motorcycle and marine fields.

Global Indemnity Group

• The Trade: Global Indemnity Group, LLC GBLI Director Charles Gary Tolman acquired a total of 138,151 shares at an average price of $24.17. To acquire these shares, it cost around $3.34 million.
• What’s Happening: The company, last month, posted better-than-expected quarterly sales.
• What Global Indemnity Group Does: Global Indemnity Group LLC provides both admitted and non-admitted specialty property and casualty insurance coverages and individual policyholder coverages in the United States, as well as reinsurance worldwide.

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Also check this: Dow Records Losses For Second Straight Week But Investor Optimism Improves

United Airlines

• The Trade: United Airlines Holdings, Inc. UAL Director Edward Shapiro bought a total of 25,000 shares at an average price of $39.79. To acquire these shares, it cost around $994.73 thousand.
• What’s Happening: Goldman Sachs reinstated United Airlines with a Buy and announced a $51 price target.
• What United Airlines Does: United Airlines is a major U.S. network carrier. United's hubs include San Francisco, Chicago, Houston, Denver, Los Angeles, New York/Newark, and Washington, D.C.

Fulcrum Therapeutics

• The Trade: Fulcrum Therapeutics, Inc. FULC 10% owner Rajeev Shah bought a total 2,403,049 shares at an average price of $5.44. The insider spent around $13.07 million to buy those shares.
• What’s Happening: Fulcrum Therapeutics, last month, posted a Q3 loss of $0.51 per share.
• What Fulcrum Therapeutics Does: Fulcrum Therapeutics Inc is a clinical-stage biopharmaceutical company.