The Dow Jones index closed higher by more than 100 points 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.

60 Degrees Pharmaceuticals

The Trade: 60 Degrees Pharmaceuticals, Inc. ( SXTP ) Director Cheryl Xu bought a total of 5,000 shares at an average price of $1.70. To acquire these shares, it cost around $8,500.

What's Happening: On Sept. 6, 60 Degrees Pharmaceuticals ( SXTP ) announced the closing of $4 million private placement priced at-the-market under Nasdaq rules.

What 60 Degrees Pharmaceuticals Does: 60 Degrees Pharmaceuticals Inc ( SXTP ) operates as a specialty pharmaceutical company with the goal of using biological science and applied research to develop and commercialize new therapies for the prevention and treatment of infectious diseases.

Envoy Medical

The Trade: Envoy Medical, Inc. ( COCH ) Director Mona Chetan Patel acquired a total of 5,000 shares at an average price of $3.30. To acquire these shares, it cost around $16,520.

What's Happening: On Sept. 3, Ascendiant Capital analyst Edward Woo maintained Envoy Medical ( COCH ) with a Buy and raised the price target from $8.5 to $8.75.

What Envoy Medical Does: Envoy Medical Inc ( COCH ) is a hearing health company focused on providing innovative medical technologies.

Hyliion Holdings

The Trade: Hyliion Holdings Corp. ( HYLN ) Chief Commercial Officer Govindaraj Ramasamy acquired a total of 30,000 shares at an average price of $1.92. The insider spent around $57,600 to buy those shares.

What's Happening: On Sept. 9, Hyliion Holdings ( HYLN ) announced it has been awarded a $15 million + contract by the Office of Naval Research to develop its KARNO generator for Navy ships and stationary power applications..

What Hyliion Holdings Does: Hyliion Holdings Corp ( HYLN ) is a provider of electrified solutions for the commercial vehicle industry as well as other industries.

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