Over $59M Bet On This Communication Services Stock? Check Out These 3 Stocks Insiders Are Buying

Although US stocks closed higher on Friday, 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.

MediaAlpha

• The Trade: MediaAlpha, Inc. MAX 10% owner WM Hinson Bermuda Ltd acquired a total of 5,916,816 shares an average price of $10.00. To acquire these shares, it cost around $59.17 million.
• What’s Happening: MediaAlpha posted a wider first-quarter loss.
• What MediaAlpha Does: MediaAlpha Inc provides a platform that facilitates insurance carriers and distributors target and acquire customers.

Arcus Biosciences

• The Trade: Arcus Biosciences, Inc. RCUS 10% owner Gilead Sciences Inc Pierce Norton acquired a total of 1,010,000 shares at an average price of $19.26. To acquire these shares, it cost around $19.45 million.
• What’s Happening: Gilead and Arcus said anti-TIGIT domvanalimab continues to demonstrate consistent improvement in progression-free survival in non-small cell lung cancer study.
• What Arcus Biosciences Does: Arcus Biosciences Inc is a clinical-stage biopharmaceutical company. It develops immunotherapies for the treatment of cancer.

Don’t forget to check out our premarket coverage here

Asana

• The Trade: Asana, Inc. ASAN President, CEO and Chairman Dustin Moskovitz bought a total of 160,000 shares at an average price of $22.57. To acquire these shares, it cost around $3.61 million.
• 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.

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