Although U.S. stocks closed lower on Friday, there were a few notable insider trades.

When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.

Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.

Iovance Biotherapeutics

• The Trade: Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) Director Wayne P Rothbaum acquired a total of 5,000,000 shares an average price of $5.30. To acquire these shares, it cost around $26.5 million.
• What’s Happening: Iovance Therapeutics announced the FDA extended its BLA Priority Review for lifileucel amid resource constraints.
• What Iovance Biotherapeutics Does: Iovance Biotherapeutics Inc is a clinical-stage biopharmaceutical company, pioneering a transformational approach to treating cancer by harnessing the human immune system's ability to recognize and destroy diverse cancer cells using therapies personalized for each patient.

ModivCare

• The Trade: ModivCare Inc. (NASDAQ:MODV) Director Adam Gray acquired a total of 330,216 shares at an average price of $32.76. To acquire these shares, it cost around $10.82 million.
• What’s Happening: Modivcare announced Barbara Gutierrez will join as Chief Financial Officer, with an expected start date of Sept. 18, 2023.
• What ModivCare Does: ModivCare Inc is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for payors and their members.

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ChargePoint Holdings

• The Trade: ChargePoint Holdings, Inc. (NYSE:CHPT) 10% owner Bruce Chizen bought a total of 500,000 shares at an average price of 5.79. To acquire these shares, it cost around $2.9 million.
• What’s Happening: The company recently worse-than-expected second-quarter results.
• What ChargePoint Holdings Does: ChargePoint designs, develops, and markets networked electric vehicle charging system infrastructure and cloud-based services that enable consumers to locate, reserve, and authenticate EV charging.

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Bowlero

• The Trade: Bowlero Corp. (NYSE:BOWL) Director Alan John Young bought a total of 4,900 shares at an average price of $10.26. The insider spent around $50,274 to buy those shares.
• What’s Happening: Bowlero reported a fourth-quarter FY23 sales decline of 10.6% year-on-year to $239.42million, missing the analyst consensus of $241.62 million.
• What Bowlero Does: Bowlero Corp is a operator of bowling entertainment centers.