Around $10M Bet On This Biotechnology Stock? Check Out These 3 Stocks Insiders Are Buying

Although US stocks closed 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.

Lifecore Biomedical

• The Trade: Lifecore Biomedical, Inc. LFCR 10% owner Joshua Landes acquired a total of 627,746 shares an average price of $7.97. To acquire these shares, it cost around $5 million.
• What’s Happening: Lifecore Biomedical recently received notice from Nasdaq regarding delayed quarterly report.
• What Lifecore Biomedical Does: Lifecore Biomedical, incorporated in 1986, operates as an integrated contract development and manufacturing organization in the United States and internationally..

Zymeworks

• The Trade: Zymeworks Inc. ZYME 10% owner Ecor Capital LLC acquired a total of 985,100 shares at an average price of $9.84. To acquire these shares, it cost around $9.7 million.
• What’s Happening: Zymeworks recently issued corporate update on key strategic priorities and outlook for 2023.
• What Zymeworks Does: Zymeworks BC Inc is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of next-generation multifunctional biotherapeutics.

Don’t forget to check out our premarket coverage here

Neogen

• The Trade: Neogen Corporation NEOG Chief Operating Officer Edward Douglas Jones bought a total of 2,500 shares at an average price of $17.91. To acquire these shares, it cost around $44.77 thousand.
• What’s Happening: Neogen recently reported better-than-expected Q2 results.
• What Neogen Does: Neogen Corporation, headquartered in Lansing, Michigan, develops, manufactures, and markets various products for food and animal safety.

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