The Dow Jones closed slightly higher 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.

Eiger BioPharmaceuticals

• The Trade: Eiger BioPharmaceuticals, Inc. (NASDAQ:EIGR) Director Thomas J. Dietz bought a total of 50,000 shares at an average price of $1.43. To acquire these shares, it cost around $71.58 thousand.
• What's Happening: Eiger BioPharmaceuticals said on January 3, 2023, Sriram Ryali notified the company of resignation as Chief Financial Officer effective Jan. 20, 2023.
• What Eiger BioPharmaceuticals Does: Eiger BioPharmaceuticals Inc is a commercial-stage biopharmaceutical company focused on the development and commercialization of drugs for serious, rare, and ultra-rare diseases with high unmet medical needs and no approved therapies.

Adamas One

• The Trade: Adamas One Corp. (NASDAQ:JEWL) President and CEO John Grdina acquired a total of 40,000 shares at an average price of $2.67. The insider spent around $106.78 thousand to buy those shares.
• What's Happening: On the heels of its initial public offering, Adamas One reported $1.78 million in initial lab grown diamond sales for FY22.
• What Adamas One Does: Adamas One Corp is a high-tech diamond company that uses its proprietary technology to produce high-quality, single-crystal diamonds and diamond materials through a CVD process, which it refers to as Diamond Technology.

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Biomerica

• The Trade: Biomerica, Inc. (NASDAQ:BMRA) CEO Zackary Irani acquired a total of 2,000 shares at an average price of $2.81. To acquire these shares, it cost around $5.62 thousand.
• What's Happening: Biomerica, last month, received Kingdom of Saudi Arabia Food And Drug Administration and Ministry of Health approval for colorectal screening and breast screening tests in Saudi Arabia and UAE.
• What Biomerica Does: Biomerica Inc is engaged in the development, manufacturing, and marketing of medical diagnostic products designed for the early detection and monitoring of chronic diseases and medical conditions.

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