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.

Biohaven

• The Trade: Biohaven Ltd. (NYSE:BHVN) Director Gregory Bailey acquired a total of 25,503 shares at an average price of $39.18. To acquire these shares, it cost around $999,169.
• What's Happening: On April 18, Biohaven priced a 5.609 million share offering at $41 per share.
• What Biohaven Does: Biohaven Ltd is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of life-changing treatments in key therapeutic areas, including immunology, neuroscience, and oncology.

authID

• The Trade: authID Inc. (NASDAQ:AUID) 10% owner Stephen Jeffrey Garchik acquired a total of 12,000 shares at an average price of $6.85. To acquire these shares, it cost around $82,200.
• What's Happening: On March 20, authID posted a narrower FY23 loss.
• What authID Does: AuthID Inc is a company engaged in ensuring cyber-savvy enterprises "Know Who's Behind the Device" for every customer or employee login and transaction.

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Frequency Electronics

• The Trade: Frequency Electronics, Inc. (NASDAQ:FEIM) Director Russell M Sarachek bought a total of 1,602 shares at an average price of $9.51. To acquire these shares, it cost around $15,235.
• What's Happening: On March 14, Frequency Electronics posted a narrower third-quarter loss.
• What Frequency Electronics Does: Frequency Electronics Inc is engaged in the design, development, and manufacture of high-precision timing, and frequency control products for space, air, sea, and terrestrial applications.

Bank7

• The Trade: Bank7 Corp. (NASDAQ:BSVN) Director Edward Patrick Gray bought a total of 1,000 shares at an average price of $27.25. The insider spent around $27,254 to buy those shares.
• What's Happening: On April 12, Bank7 posted upbeat quarterly earnings.
• What Bank7 Does: Bank7 Corp is a full-service commercial bank focused on providing customers with exceptional service and meeting their banking needs through a wide variety of commercial and retail financial services.