The Nasdaq Composite dropped by around 150 points on Thursday. Investors, meanwhile, focused on some notable insider trades.

When insiders sell shares, it indicates their concern in the company's prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.

Below is a look at a few recent notable insider sales. For more, check out Benzinga's insider transactions platform.

Nu Skin Enterprises

• The Trade: Nu Skin Enterprises, Inc. (NYSE:NUS) Director Andrew D Lipman sold a total of 1,000 shares at an average price of $36.67. The insider received around $36.67 thousand from selling those shares.
• What's Happening: The company, last month, posted downbeat quarterly earnings.
• What Nu Skin Enterprises Does: Nu Skin Enterprises Inc is a health and beauty direct-selling company with a comprehensive product line: anti-aging skin products; peels, masks, and scrubs; moisturizers; body care; hair care; men's care; oral care; sun protection; and cosmetics.

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Bristol-Myers Squibb Company

• The Trade: Bristol-Myers Squibb Company (NYSE:BMY) Board Chair and CEO Giovanni Caforio sold a total of 25,000 shares at an average price of $69.71. The insider received around $1.74 million as a result of the transaction.
• What's Happening: The European Commission approved Bristol Myers Squibb's fixed-dose combination of Opdualag (nivolumab and relatlimab) for melanoma patients aged 12 years and above.
• What Bristol-Myers Squibb Does: Bristol-Myers Squibb discovers, develops, and markets drugs for various therapeutic areas, such as cardiovascular, cancer, and immune disorders.

Have a look at our premarket coverage here .

Nasdaq

• The Trade: Nasdaq, Inc. (NASDAQ:NDAQ) Executive Vice President Jeremy Skule sold a total of 2,100 shares at an average price of $59.80. The insider received around $125.58 thousand from selling those shares.
• What's Happening: In an apparent bid to tap into the growing lure of high-net-worth individuals into the crypto space, Nasdaq will offer custody services for Bitcoin and Ethereum to institutional investors.
• What Nasdaq Does: Founded in 1971, Nasdaq is primarily known for its equity exchange, but in addition to its market-services business (about 35% of sales), the company sells and distributes market data as well as offers Nasdaq-branded indexes to asset managers and investors through its information-services segment (30%).