This article presents an overview of 5 Penny Stocks with Insider Buying in 2024. For a detailed overview of such stocks read our article, 13 Penny Stocks with Insider Buying in 2024.
5. 2Seventy Bio Inc (NASDAQ:TSVT)
Number of Hedge Fund Investors: 17
Biotech company 2Seventy Bio Inc (NASDAQ:TSVT) saw heavy insider buying activity earlier this year when Casdin Capital, LLC, which has a director status at 2Seventy Bio Inc (NASDAQ:TSVT), bought 777,377 shares at $5.02 each. The transaction took place on March 21. Since then the stock is down 10%.
As of the end of the fourth quarter of 2023, 17 hedge funds had stakes in 2Seventy Bio Inc (NASDAQ:TSVT).
4. OPKO Health Inc (NASDAQ:OPK)
Number of Hedge Fund Investors: 17
OPKO Health Inc (NASDAQ:OPK) is another healthcare penny stock in our list of the penny stocks with insider buying activity in 2024. On February 21, 2024, OPKO Health Inc’s (NASDAQ:OPK) CEO Phillip Frost, MD, piled into 1,000,000 shares of OPKO Health Inc (NASDAQ:OPK) at $0.99 per share. Since then the stock has seen a jump of 23% in price.
3. OmniAb Inc (NASDAQ:OABI)
Number of Hedge Fund Investors: 18
Therapeutic antibody discovery company OmniAb Inc (NASDAQ:OABI) ranks third in our list of the penny stocks with insider buying activity in 2024. On March 22, OmniAb Inc’s (NASDAQ:OABI) CEO Matthew W. Foehr snapped up 225,000 shares of OmniAb Inc (NASDAQ:OABI) at $5.19. The total worth of this transaction was $1,167,750. Since then the stock is down 11%.
2. Transocean LTD (NYSE:RIG)
Number of Hedge Fund Investors: 45
Transocean LTD (NYSE:RIG) is one of the penny stocks with heavy insider buying so far in 2024. On February 27, 2024, Frederik Wilhelm Mohn, a director at Transocean LTD (NYSE:RIG), bought one million shares of Transocean LTD (NYSE:RIG) at $4.89 per share. Since then the stock has gained about 20% in value.
As of the end of the fourth quarter of 2023, 45 hedge funds had stakes in Transocean LTD (NYSE:RIG).
Carillon Scout Mid Cap Fund stated the following regarding Transocean Ltd. (NYSE:RIG) in its fourth quarter 2023 investor letter:
“Transocean Ltd. (NYSE:RIG), a leader in deepwater offshore drilling rigs, was next among the losers in a generally weak energy group. Oil fell from recent highs, partially driven by Mideast tensions, and this hurt sentiment in the energy sector despite little change in offshore rig day-rate pricing or long-term fundamentals.”
1. Hertz Global Holdings Inc (NASDAQ:HTZ)
Number of Hedge Fund Investors: 48
Hertz Global Holdings Inc (NASDAQ:HTZ) CEO Gilbert West on April 30 piled into 250,000 shares of Hertz Global Holdings Inc (NASDAQ:HTZ) at $4.46 each. The net worth of this transaction was $1,114,100. Since then the stock is up about 6.4%.
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