$5M Bet On This Biotechnology Stock? Check Out These 3 Stocks Insiders Are Buying

Although US stocks closed slightly 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.

Black Diamond Therapeutics

• The Trade: Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) 10% owner BB Biotech AG acquired a total of 1,000,000 shares an average price of $5.00. To acquire these shares, it cost around $5 million.
• What’s Happening: Stifel upgraded Black Diamond Therapeutics from Hold to Buy and raised the price target from $2 to $10.
• What Black Diamond Therapeutics Does: Black Diamond Therapeutics Inc is a precision oncology medicine company.

National HealthCare

• The Trade: National HealthCare Corporation (NYSE:NHC) Director Richard F. Laroche Jr. acquired a total of 2,100 shares at an average price of $61.40. To acquire these shares, it cost around $128,944.
• What’s Happening: - -National HealthCare reported net operating revenues and grant income for the quarter ended March 31, 2023 totaled $269,563,000, up from $278,983,000 for the quarter ended March 31, 2022.
• What National HealthCare Does: National Healthcare Corp Provides long-term care facilities. Its principal business includes the operation of skilled nursing facilities, assisted living facilities, independent living facilities, and home care programs.

Don’t forget to check out our premarket coverage here

Healthcare Services Group

• The Trade: Healthcare Services Group, Inc. (NASDAQ:HCSG) Director Kurt Simmons Jr bought a total of 1,005 shares at an average price of $14.93. To acquire these shares, it cost around $15,005.
• What’s Happening: Healthcare Services Group reported revenue of $417.2 million for the three months ended March 31, 2023.
• What Healthcare Services Group Does: Healthcare Services Group Inc is a provider of housekeeping and facility management services to the healthcare industry.

Check This Out: Investor Sentiment Declines Ahead Of Fed Minutes