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.
Adverum Biotechnologies
- The Trade: Adverum Biotechnologies, Inc. (NASDAQ:ADVM) 10% owner Braden Michael Leonard acquired a total of 216,264 shares at an average price of $8.26. To acquire these shares, it cost around $1.79 million.
- What's Happening: On July 17, Adverum Biotechnologies released data from its ongoing LUNA Phase 2 trial for Ixo-vec in patients with wet age-related macular degeneration (AMD).
- What Adverum Biotechnologies Does: Adverum Biotechnologies Inc is a U.S.-based clinical-stage gene therapy company.
Appian
- The Trade: Appian Corporation (NASDAQ:APPN) 10% owner Colin T. Moran acquired a total of 300,000 shares at an average price of $35.40. To acquire these shares, it cost around $10.6 million.
- What's Happening: Appian will release financial results for the second quarter, before the opening bell on Thursday, Aug. 1.
- What Appian Does: Appian is a low-code enterprise platform-as-a-service company focusing on business process management.
American Strategic Investment
- The Trade: American Strategic Investment Co. (NYSE:NYC) 10% owner New York City Advisors, LLC bought a total of 125,864 shares at an average price of $10.98. To acquire these shares, it cost around $1.38 million.
- What's Happening: On May 10, the company posted downbeat quarterly sales.
- What American Strategic Investment Does: American Strategic Investment Co is an externally managed company that currently owns a portfolio of commercial real estate located within the five boroughs of New York City, majorly Manhattan.
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