The Dow Jones index closed lower by around 300 points on Tuesday. 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.

Nanophase Technologies

• The Trade: Nanophase Technologies Corporation (NASDAQ:NANX) Chief Operating Officer Kevin Cureton bought a total of 11,675 shares at an average price of $1.49. To acquire these shares, it cost around $17,414.
• What's Happening: On April 23, Nanophase Technologies announced financial results for the first quarter ended March 31, 2024.
• What Nanophase Technologies Does: Nanophase Technologies Corp is engaged in the production of engineered nanomaterial solutions and larger, sub-micron, materials such as personal care sunscreens, architectural coatings, industrial coating applications, and abrasion-resistant additives, plastics additives, medical diagnostics, energy.

Nuvation Bio

• The Trade: Nuvation Bio Inc. (NYSE:NUVB) Director Xiangmin Cui acquired a total of 500,000 shares at an average price of $2.98. To acquire these shares, it cost around $1.5 million.
• What's Happening: On June 3, HC Wainwright & Co. analyst Robert Burns reiterated Nuvation Bio with a Buy and maintained a price target of $8.
• What Nuvation Bio Does: Nuvation Bio Inc is a biopharmaceutical company tackling unmet needs in oncology by developing differentiated and novel therapeutic candidates.

NeuroBo Pharmaceuticals

• The Trade: NeuroBo Pharmaceuticals, Inc. (NASDAQ:NRBO) President and CEO Faheem Hasnain acquired a total of 2,544,530 shares at an average price of $3.13. The insider spent around $7.97 million to buy those shares.
• What's Happening: On June 25, NeuroBo Pharmaceuticals announced the closing of up to $70 million concurrent private placement and registered direct offering priced at-the-market under Nasdaq rules.
• What NeuroBo Pharmaceuticals Does: NeuroBo Pharmaceuticals Inc is a clinical-stage biotechnology company focused predominantly on developing and commercializing novel pharmaceuticals to treat cardiometabolic diseases.

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