Chembio Diagnostics And 2 Other Stocks Under $1 Insiders Are Aggressively Buying

The Dow Jones closed higher by around 380 points on Thursday. 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.

Processa Pharmaceuticals

• The Trade: Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) President and CEO David Young acquired a total 60,000 shares an average price of $0.48. To acquire these shares, it cost around $29 thousand.
• What’s Happening: Processa Pharmaceuticals posted a FY22 loss of $1.70 per share.
• What Processa Pharmaceuticals Does: Processa Pharmaceuticals Inc is a clinical-stage biopharmaceutical company based in the United States.

Chembio Diagnostics

• The Trade: Chembio Diagnostics, Inc. (NASDAQ:CEMI) 10% owner Joseph Edelman acquired a total of 129,000 shares at an average price of $0.44. The insider spent around $56.76 thousand to buy those shares.
• What’s Happening: Biosynex extended tender offer for the shares of Chembio Diagnostics, Inc.
• What Chembio Diagnostics Does: Chembio Diagnostics Inc is a company that develops, manufactures, and commercializes point-of-care diagnostic tests that detect infectious diseases.

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Malachite Innovations

• The Trade: Malachite Innovations, Inc. (OTC:MLCT) Director Edward F Feighan acquired a total of 333,333 shares at an average price of $0.15. To acquire these shares, it cost around $50 thousand.
• What’s Happening: Malachite Innovations FY 2022 revenue surged to $4.8 million versus $0 of revenue reported for the four calendar years 2018 to 2021.
• What Malachite Innovations Does: Malachite Innovations Inc is dedicated to improving the health and wellness of people and the planet.

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