Although US stocks closed lower 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.

Allakos

• The Trade: Allakos Inc. (NASDAQ:ALLK) Director Edward Paul Walker acquired a total of 3,984,000 shares an average price of $5.02. To acquire these shares, it cost around $20 million.
• What's Happening: Alllakos recently priced an underwritten offering of roughly 29.88 million shares of common stock at $5.02 per share.
• What Allakos Does: Allakos Inc is a clinical-stage company developing therapeutic antibodies that selectively target immunomodulatory receptors present on the surface of immune effector cells involved in allergic, inflammatory, and proliferative diseases.

Medpace Holdings

• The Trade: Medpace Holdings, Inc. (NASDAQ:MEDP) CEO August J Troendle acquired a total of 57,426 shares at an average price of $154.59. To acquire these shares, it cost around $8.88 million.
• What's Happening: The company's stock dropped around 8% over the past month.
• What Medpace Holdings Does: Medpace Holdings Inc is a clinical contract research organization. It is engaged in scientifically-driven outsourced clinical development services to the biotechnology, pharmaceutical, and medical device industries.

Don't forget to check out our premarket coverage here .

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Adobe

• The Trade: Adobe Inc. (NASDAQ:ADBE) EVP and CFO Daniel Durn bought a total of 3,250 shares at an average price of $288.11. To acquire these shares, it cost around $936.36 thousand.
• What's Happening: MoffettNathanson recently initiated coverage on Adobe with a Hold rating and announced a price target of $354.
• What Adobe Does: Adobe provides content creation, document management, and digital marketing and advertising software and services to creative professionals and marketers for creating, managing, delivering, measuring, optimizing and engaging with compelling content multiple operating systems, devices and media.