A $1.4 million bet on this biotech stock? 3 stocks insiders buy

Although US stocks closed higher on Wednesday, there were a few notable insider trades.

When insiders buy stocks, it indicates their confidence in the prospects of the company or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the title. Insider buying should not be considered the sole indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.

Below is an overview of some recent notable insider buys. To find out more, see Benzinga Insider Trading Platform.

Tricide

  • The exchange: Tricide, Inc. TCDA 10% owner Nimish Shah acquired a total of 150,000 shares at an average price of $9.18. To acquire these shares, it cost about $1.38 million.
  • What is happening: Shares of the company have gained about 8% over the past six months.
  • What Tricida does: Tricida Inc is a pharmaceutical company focused on the development and commercialization of its drug candidate, veverimer (TRC101), an unabsorbed orally administered polymer designed to treat metabolic acidosis by binding and removing acid from the tract gastrointestinal or GI.

Medspace Holdings

  • The exchange: Medpace Holdings, Inc. MEDP CEO August J Troendle acquired a total of 8,330 shares at an average price of $145.00. To acquire these shares, it cost approximately $1.21 million.
  • What is happening: Medpace Holdings is expected to release its second quarter financial results after market close on Monday, July 25, 2022.
  • What Medpace Holdings does: Medpace Holdings Inc is a contract clinical research organization.

Be sure to check out our pre-market coverage here.

Also check this: Investor fear is easing further, here’s why

Rocket companies

  • The exchange: Rocket Companies, Inc. RKT CEO Jay Farner purchased a total of 64,900 shares at an average price of $9.24. To acquire these shares, it cost approximately 599.37 thousand dollars.
  • What is happening: Wells Fargo recently upgraded stock from Equal-Weight to Overweight and announced a price target of $10.
  • What Rocket Companies does: Rocket Companies is a financial services company that was originally founded as Rock Financial in 1985 and is currently based in Detroit.