$40M Bet On MoonLake Immunotherapeutics? 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.

MoonLake Immunotherapeutics

• The Trade: MoonLake Immunotherapeutics MLTX 10% owner Bihua Chen acquired a total of 800,000 shares an average price of $50.00. To acquire these shares, it cost around $40 million.
• What’s Happening: Cantor Fitzgerald maintained MoonLake with an Overweight and raised the price target from $29 to $65.
• What MoonLake Immunotherapeutics Does: MoonLake Immunotherapeutics is a clinical-stage biopharmaceutical company engaged in leveraging Nanobody technology to develop next-level medicines for immunologic diseases, including inflammatory skin and joint diseases.

Simply Good Foods Company

• The Trade: The Simply Good Foods Company SMPL President and COO Geoff E Tanner acquired a total of 6,850 shares at an average price of $36.61. To acquire these shares, it cost around $250,758.
• What’s Happening: Simply Good Foods third-quarter FY23 sales increased 2.6% year over year to $324.79 million, beating the consensus of $321.38 million.
• What Simply Good Foods Company Does: Simply Good Foods provides low-carbohydrate, high protein bars, shakes, and other products such as confections, chips, and cookies under the Atkins and Quest brands.

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Walgreens Boots Alliance

• The Trade: Walgreens Boots Alliance, Inc. WBA EVP, Pres. U.S. Healthcare John Driscoll bought a total of 5,172 shares at an average price of $28.42. To acquire these shares, it cost around $146,984.
• What’s Happening: Walgreens Boots Alliance lowered its FY23 guidance.
• What Walgreens Boots Alliance Does: Walgreens Boots Alliance is one of the largest retail pharmacy chains in the U.S., with over 8,500 locations.

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