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.

Terns Pharmaceuticals

• The Trade: Terns Pharmaceuticals, Inc. (NASDAQ:TERN) 10% owner Vivo Capital Surplus Fund VIII, L.P. acquired a total of 758,620 shares an average price of $7.25. To acquire these shares, it cost around $5.5 million.
• What's Happening: Terns Pharmaceuticals recently announced a proposed $75 million public offering.
• What Terns Pharmaceuticals Does: Terns Pharmaceuticals Inc is a clinical-stage biopharmaceutical company.

Noodles & Company

• The Trade: Noodles & Company (NASDAQ:NDLS) 10% owner Thomas Lynch acquired a total of 113,730 shares at an average price of $4.95. To acquire these shares, it cost around $563.14 thousand.
• What's Happening: Noodles, last month, reported worse-than-expected Q3 EPS results.
• What Noodles & Company Does: Noodles & Co is a restaurant concept offering lunch and dinner within the fast-casual segment of the restaurant industry.

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HighPeak Energy

• The Trade: HighPeak Energy, Inc. (NASDAQ:HPK) CEO Jack Hightower bought a total of 50,000 shares at an average price of $21.91. To acquire these shares, it cost around $1.1 million.
• What's Happening: HighPeak Energy, last month, reported worse-than-expected Q3 EPS and sales results.
• What HighPeak Energy Does: HighPeak Energy Inc is an independent oil & natural gas company focused on the development of unconventional oil and natural gas reserves in primarily Howard County of the Midland Basin.