3 Stocks Insiders Are Buying

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.

Continental Resources

The Trade: Continental Resources, Inc. CLR Director Harold Hamm acquired a total of 261709 shares at an average price of $41.99. The insider spent $10,988,119.89 to acquire those shares.

What’s Happening: The company’s shares jumped more than 24% over the previous month.

What Continental Resources Does: Continental Resources is a U.S. oil and gas producer targeting in the Bakken Shale in North Dakota and the Scoop/Stack plays in Oklahoma.

Tyra Biosciences

The Trade: Tyra Biosciences, Inc. TYRA Director Ra Capital Management Lp, Ra Capital Healthcare Fund Lp, Ra Capital Nexus Fund Lp, Peter Kolchinsky, Rajeev Shah acquired a total of 7236454 shares at an average price of $16.00. To acquire these shares, it cost $20,000,000.00.

What’s Happening: The company recently priced its IPO at $17 per share.

What Tyra Biosciences Does: Tyra Biosciences is a precision oncology company focused on developing purpose-built therapies to overcome tumor resistance and improve outcomes for patients with cancer.

Designer Brands

The Trade: Designer Brands Inc. DBI Executive Chairman Jay Schottenstein bought a total of 178594 shares at an average price of $12.62. To acquire these shares, it cost $2,253,766.98.

What’s Happening: Designer Brands, last month, better-than-expected Q2 results..

What Designer Brands Does: Designer Brands is a retailer engaged in branded footwear in the United States.