$40M Bet On Acumen Pharmaceuticals? 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.

Acumen Pharmaceuticals

• The Trade: Acumen Pharmaceuticals, Inc. ABOS Director Rajeev Shah acquired a total of 5,161,290 shares an average price of $7.75. To acquire these shares, it cost around $40 million.
• What’s Happening: Acumen Pharmaceuticals upsized its previously announced offering to $130 million from $100 million.
• What Acumen Pharmaceuticals Does: Acumen Pharmaceuticals Inc is a clinical-stage biopharmaceutical company developing a novel disease-modifying approach to target what it believe to be a key underlying cause of Alzheimer's disease.

Culp

• The Trade: Culp, Inc. CULP Director Lee Jonathan Kelly acquired a total of 3,130 shares at an average price of $5.48. To acquire these shares, it cost around $17,156.
• What’s Happening: Culp posted a narrower-than-expected fourth-quarter loss.
• What Culp Does: Culp Inc manufactures, sources, and markets mattress fabrics and sewn covers used for covering mattresses and box springs and upholstery fabrics including cut and sewn kits used in the production of upholstered furniture.

Don’t forget to check out our premarket coverage here

Berkshire Hills Bancorp

• The Trade: Berkshire Hills Bancorp, Inc. BHLB President and CEO Nitin Mhatre bought a total of 1,500 shares at an average price of $22.29. To acquire these shares, it cost around $33,435.
• What’s Happening: Berkshire Hills Bancorp posted downbeat quarterly results.
• What Berkshire Hills Bancorp Does: Berkshire Hills Bancorp Inc is a holding company. It offers deposit, lending, investment, wealth management, and insurance services.

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