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Although US stocks closed sharply higher 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.

HF Sinclair

  • The Trade: HF Sinclair Corporation DINO Director Franklin Myers acquired a total of 10,000 shares an average price of $60.88. To acquire these shares, it cost around $608.8 thousand.
  • What’s Happening: The company recently posted upbeat quarterly results.
  • What HF Sinclair Does: HF Sinclair is an integrated petroleum refiner that owns and operates seven refineries serving the Rockies, midcontinent, Southwest, and Pacific Northwest, with a total crude oil throughput capacity of 678,000 barrels per day.

Rain Therapeutics

  • The Trade: Rain Therapeutics Inc. RAIN Director Mark Lampert acquired a total of 1,710,358 shares at at an average price of $5.83. To acquire these shares, it cost around $9.97 million.
  • What’s Happening: Rain Therapeutics reported a Q3 loss of $0.68 per share.
  • What Rain Therapeutics Does: Rain Therapeutics Inc is a late-stage precision oncology company developing therapies that target oncogenic drivers for which it is able to genetically select patients it believes will likely benefit.

Don’t forget to check out our premarket coverage here .

Also check this: CBOE Volatility Index Drops To Near Two-Month Low Following Inflation Data

IGM Biosciences

  • The Trade: IGM Biosciences, Inc. IGMS Director Kathleen Behrens bought a total of 60,000 shares at an average price of $17.14. To acquire these shares, it cost around $1.03 million.
  • What’s Happening: IGM Biosciences posted a Q3 loss of $1.32 per share.
  • What IGM Biosciences Does: IGM Biosciences Inc is a biotechnology company engaged in the development of IgM antibody therapeutics for the treatment of cancer, infectious diseases, and autoimmune and inflammatory diseases.

Brightcove

  • The Trade: Brightcove Inc. BCOV 10% owner Jonathan Brolin bought a total 78,789 shares at an average price of $5.33. The insider spent around $420.13 thousand to buy those shares.
  • What’s Happening: The company recent posted upbeat quarterly earnings.
  • What Brightcove Does: Brightcove Inc is a provider of cloud-based services for the video ecosystem. The firm targets its solutions at media companies, broadcasters, publishers, and corporations.

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