Insiders Buying Nuvectis Pharma And 2 Other Stocks

Although US stocks closed mostly higher 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.

Nuvectis Pharma

• The Trade: Nuvectis Pharma, Inc. NVCT 10% owner Charles Mosseri-Marlio acquired a total of 9,149 shares an average price of $14.84. To acquire these shares, it cost around $135,771.
• What’s Happening: Nuvectis Pharma recently announced the FDA clearance of NXP900 IND.
• What Nuvectis Pharma Does: Nuvectis Pharma Inc is a biopharmaceutical company. The company is engaged in the development of innovative precision medicines for the treatment of serious conditions of unmet medical needs in oncology.

Fastenal Company

• The Trade: Fastenal Company FAST 10% owner Michael Ancius acquired a total of 500 shares at an average price of $57.53. To acquire these shares, it cost around $28,765.
• What’s Happening: Fastenal reported second-quarter sales growth of 5.9% Y/Y to $1.88 billion, marginally missing the consensus of $1.89 billion.
• What Fastenal Does: Fastenal opened its first fastener store in 1967 in Winona, Minnesota. Since then, Fastenal has greatly expanded its footprint as well as its products and services.

Don’t forget to check out our premarket coverage here

Lockheed Martin

• The Trade: Lockheed Martin Corporation LMT Director John Donovan bought a total of 548 shares at an average price of $457.07. To acquire these shares, it cost around $250,476.
• What’s Happening: Lockheed Martin reported second-quarter FY23 net sales growth of 8.1% year-over-year to $16.69 billion, above the consensus of $15.91 billion.
• What Lockheed Martin Does: Lockheed Martin is the world's largest defense contractor and has dominated the Western market for high-end fighter aircraft since it won the F-35 Joint Strike Fighter program in 2001.

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