$18M Bet On This Healthcare Stock? Check Out These 4 Stocks Insiders Are Buying

Although U.S. 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.

Vistagen Therapeutics

• The Trade: Vistagen Therapeutics, Inc. VTGN 10% owner Commodore Capital LP acquired a total of 775,756 shares an average price of $23.15,. To acquire these shares, it cost around $17.96 million.
• What’s Happening: Vistagen Therapeutics released topline results from its Phase 3 PALISADE-2 trial evaluating the efficacy, safety, and tolerability of fasedienol (PH94B) nasal spray in adults diagnosed with social anxiety disorder (SAD).
• What Vistagen Therapeutics Does: Vistagen Therapeutics Inc is a biotechnology firm. The company is in its clinical stage and engaged in developing and commercializing product candidates for patients with diseases and disorders involving the central nervous system.

CVB Financial

• The Trade: CVB Financial Corp. CVBF Director George A. Borba Jr acquired a total of 257,704 shares at an average price of $19.37. To acquire these shares, it cost around $4.99 million.
• What’s Happening: CVB Financial posted better-than-expected quarterly results.
• What CVB Financial Does: CVB Financial Corp is the holding company for Citizens Business Bank.

Don’t forget to check out our premarket coverage here

Safehold

• The Trade: Safehold Inc. VAC Chairman and CEO Jay Sugarman bought a total of 65,420 shares at an average price of $21.40. To acquire these shares, it cost around $1.4 million . The company’s EVP, CFO also bought the company’s shares.
• What’s Happening: Safehold posted worse-than-expected second-quarter earnings.
• What Safehold Does: Safehold Inc is a REIT that operates its business by acquiring, managing and capitalizing ground leases. Ground leases are long-term contracts between the landlord (the Company) and a tenant or leaseholder.

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Asana

• The Trade: Asana, Inc. ASAN President, CEO and Chair Dustin Moskovitz bought a total 160,000 shares at an average price of $21.55. The insider spent around $3.45 million to buy those shares.
• What’s Happening: Asana reported better-than-expected first-quarter financial results.
• What Asana Does: Asana Inc is a software company. The company provides a platform for work management that helps teams orchestrate work, from daily tasks to cross-functional strategic initiatives.