Although US stocks closed lower 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.

Terns Pharmaceuticals

• The Trade: Terns Pharmaceuticals, Inc. (NASDAQ:TERN) 10% owner Orbimed Genesis GP LLC acquired a total of 137,931 shares an average price of $7.25. To acquire these shares, it cost around $1 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.

Duolingo

• The Trade: Duolingo, Inc. (NASDAQ:DUOL) 10% owner Durable Capital Partners LP acquired a total of 34,611 shares at an average price of $69.77. To acquire these shares, it cost around $2.41 million.
• What's Happening: Duolingo, last month, issued Q4 revenue guidance with a midpoint below estimates.
• What Duolingo Does: Duolingo Inc is a mobile learning platform to learn languages and the top-grossing app in the Education category on both Google Play and the Apple App Store.

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Greif

• The Trade: Greif, Inc. (NYSE:GEF) EVP and CFO Lawrence A Hilsheimer bought a total of 4,050 shares at an average price of $78.93. To acquire these shares, it cost around $319.65 thousand.
• What's Happening: Greif recently reported worse-than-expected Q4 EPS and sales results.
• What Greif Does: Greif Inc is a producer of industrial packaging products and services with manufacturing facilities located in many countries.