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

Bristol-Myers Squibb

• The Trade: Bristol-Myers Squibb Company (NYSE:BMY) Director Theodore R. Samuels acquired a total of 8,500 shares an average price of $49.81. To acquire these shares, it cost around $423,385.
• What's Happening: The FDA approved Bristol Myers Squibb's Augtyro (repotrectinib) for the treatment of adult patients with locally advanced or metastatic ROS1-positive non-small cell lung cancer (NSCLC).
• What Bristol-Myers Squibb Does: Bristol-Myers Squibb discovers, develops, and markets drugs for various therapeutic areas, such as cardiovascular, cancer, and immune disorders.

Iridium Communications

• The Trade: Iridium Communications Inc. (NASDAQ:IRDM) CEO Matthew Desch acquired a total of 28,000 shares at an average price of $37.01. To acquire these shares, it cost around $1.04 million.
• What's Happening: Iridium Communications announced Qualcomm elected to terminate its smartphone agreement.
• What Iridium Communications Does: Iridium Communications Inc offers voice and data communications services and products to businesses, U.S. and international government agencies, and other customers on a global basis.

Don't forget to check out our premarket coverage here

Impinj

• The Trade: Impinj, Inc. (NASDAQ:PI) Director Patrick Daniel Gibson bought a total of 41,252 shares at an average price of $81.01. To acquire these shares, it cost around $3.34 million.
• What's Happening: Impinj reported better-than-expected third-quarter revenue results.
• What Impinj Does: Impinj Inc operates a platform that enables wireless connectivity to everyday items by delivering each item's identity, location, and authenticity to business and consumer applications.

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