The Dow Jones index closed lower by over 200 points on Monday. 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.

Alzamend Neuro

The Trade: Alzamend Neuro, Inc. ( ALZN ) Director Milton C Ault III acquired a total of 2,000 shares an average price of $1.06. To acquire these shares, it cost around $2,127..

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.

Gain Therapeutics

The Trade: Gain Therapeutics, Inc. ( GANX ) Director Jeffrey Scott Riley acquired a total of 30,000 shares at at an average price of $3.86. To acquire these shares, it cost around $115,770.

What's Happening: Gain Therapeutics ( GANX ), named Jonas Hannestad, M.D., Ph.D. as its chief medical officer, effective as of March 25, 2024.

What Gain Therapeutics Does: Gain Therapeutics Inc ( GANX ) is a biotechnology company developing novel small molecule therapeutics to treat diseases across, several therapeutics areas, including, lysosomal storage disorders, central nervous system disorders, metabolic disorders, and oncology.

Check This Out: Investor Sentiment Improves, But Dow Falls Over 200 Points

Azitra

The Trade: Azitra, Inc. ( AZTR ) CFO Norm Staskey acquired a total of 47,600 shares at an average price of $0.21. The insider spent around $10,034 to buy those shares.

What's Happening: On March 15, Azitra ( AZTR ) announced a FY23 loss of $1.83 per share.

What Azitra Does: Azitra Inc ( AZTR ) is an early-stage clinical biopharmaceutical company focused on developing therapies for precision dermatology using engineered proteins and live biotherapeutic products that can be applied topically to treat diseases of the skin.

Silo Pharma

The Trade: Silo Pharma, Inc. ( SILO ) President and CEO Eric Weisblum acquired a total of 4,508 shares at an average price of $1.93. The insider spent around $8,713 to buy those shares.

What's Happening: On Feb. 28, Silo Pharma ( SILO ) completed successful dose-ranging study of SPC-15 intranasal therapeutic for PTSD.

What Silo Pharma Does: SILO Pharma Inc ( SILO ) is a developmental stage biopharmaceutical company developing novel therapeutics that address underserved conditions including stress-induced psychiatric disorders, chronic pain conditions, and central nervous system (CNS) diseases.

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