The Nasdaq Composite dropped by more than 500 points on Monday. Investors, meanwhile, focused on some notable insider trades.

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.3

Rigel Pharmaceuticals

• The Trade: Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) CEO, President Raul Rodriguez acquired a total of 1,000,000 shares at an average price of $0.69. To acquire these shares, it cost $688.4 thousand.
• What’s Happening: Rigel Pharmaceuticals recently announced data from the FORWARD Phase 3 clinical trial of Fostamatinib did not demonstrate statistical significance in the primary efficacy endpoint.
• What Rigel Pharmaceuticals Does: Rigel Pharmaceuticals Inc develops small-molecule drugs for autoimmune, cancer-related, and viral diseases. The firm's lead drug is an oral rheumatoid arthritis drug candidate that has been licensed to AstraZeneca.

Recruiter.com Group

• The Trade: Recruiter.com Group, Inc. (NASDAQ:RCRT) President and COO Miles Jennings acquired a total of 3,000 shares at an average price of $0.91. The insider spent around $2.73 thousand to buy those shares.
• What’s Happening: Recruiter.Com Group, last month, posted a Q1 loss of $0.28 per share.
• What Recruiter.com Group Does: Recruiter.Com Group Inc is a hiring platform for the network of recruiters. The company empowers businesses to recruit specialized talent faster with virtual teams of recruiters and AI job-matching technology.

Also check this: Royal Caribbean Cruises And 2 Other Stocks Insiders Are Buying

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