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

Singular Genomics Systems

• The Trade: Singular Genomics Systems, Inc. (NASDAQ:OMIC) 10% owner TANG CAPITAL PARTNERS LP acquired a total of 122,416 shares at an average price of $14.75. To acquire these shares, it cost around $1.81 million.
• What's Happening: On Sept. 12, Singular Genomics announced it received a non-binding acquisition proposal from Deerfield.
• What Singular Genomics Systems Does: Singular Genomics Systems Inc is a life science technology company that is leveraging novel next generation sequencing and multiomics technologies to build products that empower researchers and clinicians.

NewtekOne

• The Trade: NewtekOne, Inc. (NASDAQ:NEWT) Director Gregory L Zink acquired a total of 1,000 shares at an average price of $11.38. To acquire these shares, it cost around $11,380.
• What's Happening: On Sept. 16, NewtekOne declared a quarterly dividend of 19 cents per share.
• What NewtekOne Does: NewtekOne Inc is a financial holding company engaged in providing financial solutions, It has developed a financial and technology-based business model that enables itself to acquire and process its clients in a very cost-effective manner.

SR Bancorp

• The Trade: SR Bancorp, Inc. (NASDAQ:SRBK) Director Thomas Lupo bought a total of 5,000 shares at an average price of $10.58. To acquire these shares, it cost around $52,885. The company's Executive Chair also bought 1,000 shares.
• What's Happening: On July 30, SR Bancorp posted a second-quarter loss of 34 cents per share.
• What SR Bancorp Does: SR Bancorp Inc principal business is to acquire deposits from individuals and businesses in the communities surrounding offices and to use these deposits to fund loans.

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