The Dow Jones closed lower by over 250 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.

EVgo

• The Trade: EVgo, Inc. (NASDAQ:EVGO) Director David Nanus acquired a total 5,882,352 shares an average price of $4.25. To acquire these shares, it cost around $25 million.
• What's Happening: EVgo announced pricing of an offering of Class A common stock.
• What EVgo Does: EVgo owns and operates a public direct current fast charging network in the U.S. EVgo's network of charging stations provides electric vehicle charging infrastructure to consumers and businesses.

HCW Biologics

• The Trade: HCW Biologics Inc. (NASDAQ:HCWB) CFO Rebecca Byam acquired a total of 58,486 shares at an average price of $1.56. The insider spent around $91.08 thousand to buy those shares.
• What's Happening: HCW Biologics posted in-line loss for its first quarter.
• What HCW Biologics Does: HCW Biologics Inc is a clinical-stage biopharmaceutical company focused on discovering and developing novel immunotherapies to lengthen the health span by disrupting the link between chronic, low-grade inflammation and age-related diseases.

• Bioventus

• The Trade: Bioventus Inc. (NASDAQ:BVS) Interim CEO Anthony Bihl III acquired a total of 125,000 shares at an average price of $2.33. To acquire these shares, it cost around $290.99 thousand.
• What's Happening: Bioventus posted better-than-expected quarterly sales.
• What Bioventus Does: Bioventus Inc is a medical technology company. The company is engaged in developing and commercializing clinically differentiated treatments that engage and enhance the body's natural healing process.

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