$1.9 Million Bet On This Biotechnology Stock? Check Out These 4 Penny Stocks Insiders Are Buying

The Dow Jones dropped by around 100 points on Wednesday. Investors, meanwhile, focused on some notable insider trades.

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.3

NGM Biopharmaceuticals

• The Trade: NGM Biopharmaceuticals, Inc. (NASDAQ:NGM) Director David Goeddel V bought a total of 130,000 shares at an average price of $3.56. To acquire these shares, it cost around $462.4 thousand.
• What’s Happening: NGM Biopharmaceuticals recently announced its CATALINA Phase 2 trial of NGM621 did not meet the primary endpoint.
• What NGM Biopharmaceuticals Does: NGM Biopharmaceuticals Inc is a clinical-stage biopharmaceutical company.

TRACON Pharmaceuticals

• The Trade: TRACON Pharmaceuticals, Inc. (NASDAQ:TCON) 10% owner Opaleye Management Inc acquired a total of 12,500 shares at at an average price of $1.65. The insider spent around $20.63 thousand to buy those shares.
• What’s Happening: TRACON Pharmaceuticals recently disclosed results of Independent Data Monitoring Committee review of 12 Week safety data from ENVASARC Phase 2 pivotal trial.
• What TRACON Pharmaceuticals Does: TRACON Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of novel targeted therapeutics for cancer and utilizing its cost efficient, contract research organization (CRO) independent product development platform to partner with ex-U.S. companies to develop and commercialize innovative products in the United States.

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Cabaletta Bio

• The Trade: Cabaletta Bio, Inc. (NASDAQ:CABA) President and CEO Steven Nichtberger acquired a total of 8,127 shares at an average price of $1.25. To acquire these shares, it cost around $10.15 thousand.
• What’s Happening: IASO Biotherapeutics recently granted a worldwide license to Cabaletta Bio to develop, manufacture and commercialize a clinically validated fully-human CD19 binder designed to modify T cells for autoimmune diseases.
• What Cabaletta Bio Does: Cabaletta Bio Inc is a clinical-stage biotechnology company focused on the discovery and development of engineered T cell therapies, and exploring their potential to provide a deep and durable, perhaps curative, treatment, for patients with B cell-mediated autoimmune diseases.

IMARA

• The Trade: IMARA Inc. (NASDAQ:IMRA) 10% owner Rajeev Shah acquired a total of 506,197 shares at an average price of $3.68. The insider spent $1.86 million to buy those shares.
• What’s Happening: Enliven Therapeutics Inc and Imara Inc agreed to merge in an all-stock transaction.
• What IMARA Does: Imara Inc is a clinical-stage biopharmaceutical company engaged in developing and commercializing novel therapeutics to treat patients suffering from rare inherited genetic disorders of hemoglobin.