Over $72M Bet On This Biotechnology Stock? Check Out These 4 Penny Stocks Insiders Are Aggressively Buying

The Dow Jones closed lower by around 200 points on Monday. 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.

Lexicon Pharmaceuticals

• The Trade: Lexicon Pharmaceuticals, Inc. LXRX 10% owner Invus Advisors Llc acquired a total 27,775,050 shares an average price of $2.60. To acquire these shares, it cost around $72.22 million.
• What’s Happening: Lexicon Pharmaceuticals announced pricing of a $125 million public offering and concurrent private placement.
• What Lexicon Pharmaceuticals Does: Lexicon Pharmaceuticals Inc is a biopharmaceutical company. It is engaged in the discovery, development, and commercialization of pharmaceutical products for the treatment of human diseases.

Heliogen

• The Trade: Heliogen, Inc. HLGN 10% owner Patrick Soonshiong acquired a total of 180,012 shares at an average price of $0.25. The insider spent around $44.16 thousand to buy those shares.
• What’s Happening: Heliogen posted a narrower-than-expected quarterly loss.
• What Heliogen Does: Heliogen Inc is a concentrated solar energy system that is being developed to unlock the power of sunlight to replace fossil fuels.

ImmunityBio

• The Trade: ImmunityBio, Inc. IBRX Director Michael Blaszyk acquired a total of 71,915 shares at an average price of $2.75. To acquire these shares, it cost around $198.02 thousand. The company’s other Directors also purchased the company’s shares.
• What’s Happening: ImmunityBio announced it received a complete response letter from the FDA on May 9th regarding its BLA for Anktiva in combination with Bacillus Calmette-Guérin.
• What ImmunityBio Does: ImmunityBio Inc is a late-clinical-stage immunotherapy company developing next-generation therapies that drive immunogenic mechanisms for defeating cancers and infectious diseases.

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Nanophase Technologies

• The Trade: Nanophase Technologies Corporation NANX Chief Operating Officer Kevin Cureton acquired a total of 50,000 shares at an average price of $1.11. The insider spent $55.39 thousand to buy those shares.
• What’s Happening: The company’s revenue for the first quarter was $9.5 million, representing a 16% year-over-year increase.
• What Nanophase Technologies Does: Nanophase Technologies Corp is a U.S based company engaged in the production of engineered nanomaterial solutions and larger, sub-micron, materials such as personal care sunscreens, architectural coatings, industrial coating applications, and abrasion-resistant additives, plastics additives, medical diagnostics, energy.