Although US stocks closed higher on Monday, 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.
Ivanhoe Electric
- The Trade: Ivanhoe Electric Inc. (NYSE:IE) CEO Robert M Friedland acquired a total of 416,666 shares an average price of $8.00. To acquire these shares, it cost around $3.33 million.
- What's Happening: JP Morgan, last month, initiated coverage on Ivanhoe Electric with a Neutral rating and announced a price target of $12.
- What Ivanhoe Electric Does: Ivanhoe Electric Inc is a mineral project exploration and development company with a focus on identifying and developing mineral projects, and ultimately mines, associated with the metals necessary for electrification, in particular, copper, gold, silver, nickel, cobalt, vanadium, and the platinum group metals.
Third Harmonic Bio
- The Trade: Third Harmonic Bio, Inc. (NASDAQ:THRD) 10% owner Atlas Venture Associates Opportunity I, LLC acquired a total of 7,366,470 shares at an average price of $17.00. To acquire these shares, it cost around $5.1 million.
- What's Happening: The company recently priced its IPO at $17 per share.
- What Third Harmonic Bio Does: Third Harmonic Bio Inc is a clinical-stage company developing a novel oral approach to the treatment of severe allergy and inflammation.
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Spok Holdings
- The Trade: Spok Holdings, Inc. (NASDAQ:SPOK) Director Todd J Stein bought a total of 139,704 shares at an average price of $7.29. To acquire these shares, it cost around $1.02 million.
- What's Happening: The company's stock tumbled around 11% over the past six months.
- What Spok Holdings Does: Spok Holdings Inc is a provider of healthcare communications. It reports three market segments namely Healthcare, Government, and Large enterprise .