$7M Bet On This Healthcare Stock? Check Out These 4 Penny Stocks Insiders Are Buying

The Dow Jones closed lower by around 700 points on Tuesday. When insiders purchase or sell shares, it indicates their confidence or concern around the company's prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.

Below is a look at a few recent notable insider transactions for penny stocks. For more, check out Benzinga's insider transactions platform.

Spruce Biosciences

• The Trade: Spruce Biosciences Inc SPRB 10% owner Novo Holdings AS bought a total of 2,208,000 shares at an average price of $3.17. To acquire these shares, it cost around $7 million.
• What’s Happening: Spruce Biosciences announced a $53.6 million private placement financing.
• What Spruce Biosciences Does: Spruce Biosciences Inc is a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders.

Dakota Gold

• The Trade: Dakota Gold Corp DC Director Alice D Schroeder acquired a total 20,044 shares at an average price of $2.96. The insider spent around $59.33 thousand to buy those shares.
• What’s Happening: The company’s stock tumbled 25% over the past six months.
• What Dakota Gold Does: Dakota Gold Corp is a gold exploration and development company with a specific focus on revitalizing the Homestake District in Lead, South Dakota.

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Context Therapeutics

• The Trade: Context Therapeutics Inc CNTX CEO Martin Lehr acquired a total of 5,823 shares at an average price of $0.84. To acquire these shares, it cost around $4.9 thousand.
• What’s Happening: Context Therapeutics recently said two patients have achieved a confirmed partial response among the first 12 patients enrolled in Phase 2 OATH trial of ONA-XR in endometrial cancer.
• What Context Therapeutics Does: Context Therapeutics Inc is a clinical-stage biopharmaceutical company dedicated to improving the lives of women living with cancer.

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Galectin Therapeutics

• The Trade: Galectin Therapeutics Inc. GALT Director Kary Eldred acquired a total of 1,000 shares at an average price of $1.59. The insider spent $1.59 thousand to buy those shares.
• What’s Happening: Galectin Therapeutics, during November, posted a Q3 loss of $0.14 per share.
• What Galectin Therapeutics Does: Galectin Therapeutics Inc is a clinical-stage biopharmaceutical company.