$59M Bet On This Biotechnology Stock? Check Out These 4 Stocks Insiders Are Buying

Although US stocks closed lower 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.

Ambrx Biopharma

• The Trade: Ambrx Biopharma Inc. AMAM 10% owner Cormorant Private Healthcare Fund III LP acquired a total of 5,215,189 shares an average price of $11.30. To acquire these shares, it cost around $58.95 million.
• What’s Happening: Ambrx Biopharma recently announced new preclinical data from ARX517 and ARX305 studies at the 2023 American Association for Cancer Research (AACR) Annual Meeting..
• What Ambrx Biopharma Does: Ambrx Biopharma Inc is a clinical-stage biologics company focused on discovering and developing a novel class of engineered precision biologics (EPBs) using its proprietary expanded genetic code technology platform that allows incorporating synthetic amino acids (SAAs) into proteins within living cells.

RE/MAX Holdings

• The Trade: RE/MAX Holdings, Inc. RMAX 10% owner Magnolia Group LLC acquired a total of 29,332 shares at an average price of $18.68. To acquire these shares, it cost around $547.91 thousand.
• What’s Happening: RE/MAX Holdings is expected to release financial results for the quarter ended March 31, 2023, on May 4, 2023.
• What RE/MAX Holdings Does: RE/MAX Holdings Inc operates as a franchisor of real estate brokerage services. It recruits and retains agents and sells franchises.

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Apogee Enterprises

• The Trade: Apogee Enterprises, Inc. APOG Interim CFO Mark R. Augdahl bought a total of 1,334 shares at an average price of $41.75. To acquire these shares, it cost around $55.69 thousand.
• What’s Happening: Apogee Enterprises reported fourth-quarter 2023 sales growth of 4.9% year-over-year to $344.1 million, missing the consensus of $348.2 million.
• What Apogee Enterprises Does: Apogee Enterprises Inc is a manufacturer of architectural glass and metal glass framings.

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ServisFirst Bancshares

• The Trade: ServisFirst Bancshares, Inc. SFBS Chairman, President and CEO Thomas Broughton bought a total 3,000 shares at an average price of $49.95. The insider spent around $149.85 thousand to buy those shares.
• What’s Happening: Servisfirst Bancshares reported better-than-expected Q1 earnings.
• What ServisFirst Bancshares Does: Servisfirst Bancshares Inc is a bank holding company. It originates commercial, consumer and other loans and accepts deposits, provides electronic banking services, such as online and mobile banking, including remote deposit capture, delivers treasury and cash management services, and provides banking services to other financial institutions.