The Dow Jones index closed lower by around 0.1% on Wednesday. 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.

Aldeyra Therapeutics

The Trade: Aldeyra Therapeutics, Inc. ( ALDX ) 10% owner Joseph Edelman acquired a total of 504,272 shares an average price of $3.84. To acquire these shares, it cost around $1.93 million.

What's Happening: On April 3, Oppenheimer upgraded the stock from Perform to Outperform and announced a $10 price target.

What Aldeyra Therapeutics Does: Aldeyra Therapeutics Inc ( ALDX ) is a biotechnology company engaged in developing and commercializing next-generation medicines to improve the lives of patients with immune-mediated diseases.

Retractable Technologies

The Trade: Retractable Technologies, Inc. ( RVP ) President and CEO Thomas J Shaw acquired a total of 8,292 shares at at an average price of $1.15. To acquire these shares, it cost around $9,499.

What's Happening: On March 29, Retractable Technologies ( RVP ) reported results for 2023.

What Retractable Technologies Does: Retractable Technologies Inc ( RVP ) designs, develops, manufactures, and markets safety syringes and other safety medical products for the healthcare profession.

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Alzamend Neuro

The Trade: Alzamend Neuro, Inc. ( ALZN ) Director Milton C Ault III acquired a total of 334 shares at an average price of $0.91. The insider spent around $304 to buy those shares.

What's Happening: On Dec. 11, 2023, Alzamend Neuro ( ALZN ) received a "Study May Proceed" letter from the FDA for the initiation of study AL001-PTSD01, a Phase 2A study of AL001 for post-traumatic stress disorder (PTSD).

What Alzamend Neuro Does: Alzamend Neuro Inc ( ALZN ) is an early clinical-stage biopharmaceutical company. It is focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders, including Alzheimer's.

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