The Federal Open Market Committee opted to raise fed funds rates by 0.75% on Wednesday to a new target range of between 1.5% and 1.75%. Investors, meanwhile, focused on some notable insider trades.
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.3
- The Trade: HCW Biologics Inc. (NASDAQ:HCWB) Chief Financial Officer Rebecca Byam acquired a total of 66,452 shares at an average price of $2.42. To acquire these shares, it cost $160.8 thousand.
- What’s Happening: HCW Biologics, last month, posted a Q1 net loss of $2.1 million.
- What HCW Biologics Does: HCW Biologics Inc is a biopharmaceutical company focused on discovering and developing novel immunotherapies to lengthen the health span by disrupting the link between chronic, low-grade inflammation and age-related diseases.
Second Sight Medical Products
- The Trade: Second Sight Medical Products, Inc. (NASDAQ:EYES) Director Gregg Williams acquired a total of 3,800 shares at an average price of $2.00. The insider spent around $7.6 thousand to buy those shares.
- What’s Happening: The company’s stock has gained around 17% since the start of the year.
- What Second Sight Medical Products Does: Second Sight Medical Products Inc develops, manufactures, and markets implantable prosthetic devices to create an artificial form of useful vision for blind individuals.
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- The Trade: Hyperfine, Inc. (NASDAQ:HYPR) Director Jonathan Rothberg acquired a total of 52,848 shares at an average price of $2.26. To acquire these shares, it cost around $119.44 thousand.
- What’s Happening: Hyperfine, last month, posted a Q1 loss of $0.34 per share.
- What Hyperfine Does: Hyperfine Inc is a medical device company that created Swoop, a portable MRI system. It has designed Swoop to enable rapid diagnoses and treatment for every patient regardless of income, resources, or location, pushing the boundaries of conventional imaging technology and expanding patient access to life-saving care.