Skye Bioscience And 2 Other Penny Stocks Insiders Are Buying

The Dow Jones index closed higher by more than 100 points on Friday. 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.

Skye Bioscience

• The Trade: Skye Bioscience, Inc. SKYE 10% owner Scott M Rocklage acquired a total of 5,206,074 shares an average price of $2.31. To acquire these shares, it cost around $12,026,031.
• What’s Happening: Piper Sandler analyst Edward Tenthoff initiated coverage on Skye Bioscience with an Overweight rating and announced a price target of $12.
• What Skye Bioscience Does: Skye Bioscience, Inc., a clinical stage pharmaceutical company, discovers, develops, and commercializes cannabinoid-based molecules for the treatment of infectious diseases.

New Peoples Bankshares

• The Trade: New Peoples Bankshares, Inc. NWPP Director
• Blaine Scott White acquired a total of 89,557 shares at at an average price of $2.50. To acquire these shares, it cost around $223,893.
• What’s Happening: The company’s stock gained around 11% over the past six months.
• What New Peoples Bankshares Does: New Peoples Bankshares Inc is a bank holding company for New Peoples Bank.

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Vivani Medical

• The Trade: Vivani Medical, Inc. VANI Director Gregg Williams acquired a total of 100 shares at an average price of $1.01. The insider spent around $101.00 to buy those shares.
• What’s Happening: Vivani Medical, during November, posted a wider-than-expected quarterly loss.
• What Vivani Medical Does: Vivani Medical Inc is a preclinical stage biopharmaceutical company. It develops miniaturized, subdermal implants utilizing its proprietary NanoPortal technology to enable long-term, near constant-rate delivery of a broad range of medicines to treat chronic diseases.

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