Although U.S. stocks closed lower on Thursday, 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.

Exelixis

• The Trade: Exelixis, Inc. (NASDAQ:EXEL) Director Caligan Partners LP acquired a total of 425,000 shares at an average price of $20.55. To acquire these shares, it cost around $8.73 million.
• What's Happening: On May 14, Stephens & Co. analyst Sudan Loganathan initiated coverage on Exelixis with an Equal-Weight rating and announced a price target of $23.
• What Exelixis Does: Exelixis is a biopharmaceutical firm that discovers, develops, and commercializes treatments for cancer.

Caesars Entertainment

• The Trade: Caesars Entertainment, Inc. (NASDAQ:CZR) Director Michael E Pegram acquired a total of 10,000 shares at an average price of $31.96. To acquire these shares, it cost around $319,600.
• What's Happening: On May 21, Raymond James analyst RJ Milligan initiated coverage on Caesars Entertainment with a Strong Buy rating and announced a price target of $55.
• What Caesars Entertainment Does: Caesars Entertainment includes about 50 domestic gaming properties across Las Vegas (49% of 2023 EBITDAR before corporate expenses) and regional (48%) markets.

Don't forget to check out our premarket coverage here

PCB Bancorp

• The Trade: PCB Bancorp (NASDAQ:PCB) Director Sang Young Lee bought a total of 14,000 shares at an average price of $14.97. To acquire these shares, it cost around $209,541.
• What's Happening: On April 25, PCB Bancorp posted downbeat quarterly earnings.
• What PCB Bancorp Does: PCB Bancorp is a bank holding company, which engages in the provision of consumer and commercial banking services.

Bar Harbor Bankshares

• The Trade: Bar Harbor Bankshares (NYSE:BHB) Director Scott G Toothaker bought a total of 4,476 shares at an average price of $25.82. The insider spent around $115,570 to buy those shares.
• What's Happening: On April 18, Bar Harbor Bankshares posted upbeat quarterly earnings.
• What Bar Harbor Bankshares Does: Bar Harbor Bankshares Inc is a bank holding company along with its subsidiaries that offers a full range of financial services products, brokerage services through third-party brokerage arrangements and also trust and investment management services to individuals, businesses, non-profit organizations, and municipalities.