$10M Bet On GameStop? Check Out These 3 Stocks Insiders Are Buying

Although US stocks closed higher on Tuesday, 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.

Cogent Biosciences

• The Trade: Cogent Biosciences, Inc. COGT 10% owner Fairmount Funds Management LLC acquired a total of 800,000 shares an average price of $12.00. To acquire these shares, it cost around $9.6 million.
• What’s Happening: Cogent Biosciences priced its upsized 12.5 million share public offering of shares of common stock at $12 per share.
• What Cogent Biosciences Does: Cogent Biosciences Inc a biotechnology company focused on developing precision therapies for genetically defined diseases.

Royalty Pharma

• The Trade: Royalty Pharma plc RPRX Director, CEO, Chairman of the Board Pablo G Legorreta acquired a total of 90,000 shares at an average price of $32.89. To acquire these shares, it cost around $2.96 million.
• What’s Happening: Royalty Pharma reported mixed first-quarter financial results.
• What Royalty Pharma Does: Royalty Pharma PLC is a buyer of biopharmaceutical royalties and a funder of innovation across the biopharmaceutical industry.

Don’t forget to check out our premarket coverage here

GameStop

• The Trade: GameStop Corp. GME executive chairman Ryan Cohen bought a total of 443,842 shares at an average price of $22.53. To acquire these shares, it cost around $10 million.
• What’s Happening: GameStop reported worse-than-expected first-quarter results.
• What GameStop Does: GameStop Corp is a U.S. multichannel video game, consumer electronics, and services retailer. The company operates across Europe, Canada, Australia, and the United States.

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