The Dow Jones dipped by more than 450 points on Thursday. 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

IN8bio

• The Trade: IN8bio, Inc. (NASDAQ:INAB) Director Cavu Advisors, LLC bought a total of 25,000 shares at an average price of $2.02. To acquire these shares, it cost around $50.53 thousand.
• What's Happening: HC Wainwright & Co., last month, initiated coverage on IN8bio with a Buy rating and announced a price target of $14.
• What IN8bio Does: IN8bio Inc is a clinical-stage biotechnology company.

VerifyMe

• The Trade: VerifyMe, Inc. (NASDAQ:VRME) Director Marshall S Geller acquired a total of 2,006 shares at an average price of $1.18. The insider spent around $2.37 thousand to buy those shares.
• What's Happening: The company's stock has dropped around 9% over the past month.
• What VerifyMe Does: VerifyMe Inc is a technology solutions company based in the United States. It markets a broad patent portfolio that includes patents in the field of authenticating products, people, and financial transactions.

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Nexalin Technology

• The Trade: Nexalin Technology, Inc. (NASDAQ:NXL) Leonard Osser acquired a total of 9,500 shares at an average price of $1.12. To acquire these shares, it cost around $10.64 thousand.
• What's Happening: Nexalin Technology recently priced its IPO at $4.15 per share.
• What Nexalin Technology Does: Nexalin Technology Inc design and develop innovative neurostimulation products to uniquely and effectively help combat the ongoing global mental health epidemic.

PEDEVCO

• The Trade: PEDEVCO Corp. (NYSE:PED) 10% owner SK Energy LLC acquired a total of 38,742 shares at an average price of $1.06. The insider spent $41.07 thousand to buy those shares.
• What's Happening: Pedevco, last month, posted Q2 EPS of $0.04.
• What PEDEVCO Does: PEDEVCO Corp is an energy company. It is engaged in the acquisition, exploration, development, and production of oil and natural gas shale plays in the Denver-Julesberg Basin (D-J Basin) in Colorado.