The Dow Jones closed about 380 points higher on Thursday. When insiders buy or sell stock, it shows their confidence or concern about the company’s prospects. Investors and traders interested in penny stocks may consider this as a factor in their overall investment or trading decision.

Below is a look at some notable penny stock insider trades. For more information, see Benzinga insider trading Platform.

Processa Pharma

• The trade: Processa Pharmaceuticals, Inc. PCSA President and CEO David Young acquired a total of 60,000 shares an average price of $0.48. It cost around $29,000 to acquire these shares.
• What’s up: Processa Pharmaceuticals posted a loss of $1.70 per share in FY22.
• What Processa Pharmaceuticals does: Processa Pharmaceuticals Inc is a clinical-stage biopharmaceutical company based in the United States.

Chembio diagnostics

• The trade: Chembio Diagnostics, Inc. CEMI 10% owner Joseph Edelman acquired a total of 129,000 shares at an average price of $0.44. The insider spent around $56.76,000 to buy these shares.
• What’s up: Biosynex Expanded Tender Offer for Chembio Diagnostics, Inc.
• What Chembio Diagnostics does: Chembio Diagnostics Inc is a company that develops, manufactures and markets point-of-care diagnostic tests for the detection of infectious diseases.

Look at that: Investor optimism improves after PPI data

Malachite Innovations

• The trade: Malachite Innovations, Inc. MLCT Director Edward F Feighan acquired a total of 333,333 shares at an average price of $0.15. The purchase of these shares cost around US$50,000.
• What’s up: Malachite Innovations revenue for fiscal 2022 increased to $4.8 million from $0 in revenue reported for the four calendar years 2018 through 2021.
• What Malachite Innovations does: Malachite Innovations Inc is dedicated to improving the health and well-being of people and the planet.

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