The Dow Jones closed lower by more than 600 points on Wednesday. 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.

Enzo Biochem

• The Trade: Enzo Biochem, Inc. (NYSE:ENZ) 10% owner James G Wolf bought a total of 303,000 shares at an average price of $2.47. To acquire these shares, it cost around $749.4 thousand.
• What's Happening: Enzo Biochem has been granted U.S. patent number 11,554,111 Titled "Sphingosine Pathway Modulating Compounds For The Treatment Of Coronavirus Infection."
• What Enzo Biochem Does: Enzo Biochem Inc is a bioscience company. The firm manufactures, develops and sell their proprietary solutions and platforms to clinical laboratories, specialty clinics and researchers and physicians internationally.

Xos

• The Trade: Xos, Inc. (NASDAQ:XOS) Director George N Mattson acquired a total of 128,666 shares at an average price of $0.98. The insider spent around $126.38 thousand to buy those shares.
• What's Happening: The company's stock jumped 69% over the past month.
• What Xos Does: Xos Inc is an electric mobility company. It designs and develops fully electric battery mobility systems specifically for commercial fleets.

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Myomo

• The Trade: Myomo, Inc. (NYSE:MYO) CEO Paul R Gudonis acquired a total of 307,692 shares at an average price of $0.33. To acquire these shares, it cost around $100 thousand.
• What's Happening: Myomo recently priced its $6.5 million public offering at $0.325 per share.
• What Myomo Does: Myomo Inc is a medical robotics company. It develops, designs, and produces myoelectric orthotics for people with neuromuscular disorders.

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Context Therapeutics

• The Trade: Context Therapeutics Inc. (NASDAQ:CNTX) CEO Martin Lehr acquired a total of 6,783 shares at an average price of $0.74. The insider spent $5 thousand to buy those shares.
• What's Happening: Context Therapeutics and Lonza recently announced that the companies are collaborating to manufacture CTIM-76, Context's clinical development candidate.
• What Context Therapeutics Does: Context Therapeutics Inc is a clinical-stage biopharmaceutical company dedicated to improving the lives of women living with cancer.