Although gold futures traded higher on Monday, there were a few notable insider trades.
When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out Benzinga's insider transactions platform.
Regeneron Pharmaceuticals
- The Trade: Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) Director P. Roy Vagelos sold a total of 28,572 shares at an average price of $700.01. The insider received around $20 million from selling those shares.
- What’s Happening: BioNTech recently expanded its strategic collaboration with Regeneron Pharmaceuticals to its FixVac candidate BNT116 combined with Libtayo (cemiplimab) in advanced non-small-cell lung cancer (NSCLC).
- What Regeneron Pharmaceuticals Does: Regeneron Pharmaceuticals discovers, develops, and commercializes products that fight eye disease, cardiovascular disease, cancer, and inflammation.
- The Trade: Horizon Therapeutics Public Limited Company (NASDAQ: HZNP) Chairman, President and CEO Timothy Walbert sold a total of 50,000 shares at an average price of $105.26. The insider received around $5.26 million from selling those shares.
- What’s Happening: Horizon Therapeutics, last month, said that the U.S. FDA granted priority review of the supplemental Biologics License Application (sBLA) to expand the label for KRYSTEXXA plus methotrexate, an immunomodulator commonly prescribed by rheumatologists.
- What Horizon Therapeutics Does: Horizon Therapeutics PLC is a specialty and generic drug manufacturing company.
ZoomInfo Technologies
- The Trade: ZoomInfo Technologies Inc. (NASDAQ: ZI) 10% owner Cp Vi Evergreen Holdings Lp sold a total of 184,693 shares at an average price of $59.24. The insider received around $10.94 million as a result of the transaction.
- What’s Happening: ZoomInfo, last month, announced plans to open new office near Tel Aviv, Israel.
- What ZoomInfo Technologies Does: ZoomInfo Technologies Inc provides a go-to-market intelligence platform for sales and marketing teams.
Gates Industrial Corporation
- The Trade: Gates Industrial Corporation plc (NYSE: GTES) 10% owner Stephen Schwarzman sold a total of 13,750,000 shares at an average price of $15.14. The insider received around $208.18 million from selling those shares.
- What’s Happening: Barclays (LON:BARC) maintained Gates Industrial with an Equal-Weight and lowered the price target from $17 to $16.
- What Gates Industrial Does: Gates Industrial Corp PLC is a manufacturer of engineered power transmission and fluid power solutions. It offers a portfolio of products to diverse replacement channel customers, and to original equipment manufacturers.
- The Trade: New Fortress Energy Inc. (NASDAQ: NFE) 10% owner Jonathan Rotolo sold a total of 400,000 shares at an average price of $44.86. The insider received around $17.95 million from selling those shares.
- What’s Happening: Stifel maintained New Fortress Energy with a Buy and raised the price target from $45 to $68.
- What New Fortress Energy Does: New Fortress Energy Inc is an integrated gas-to-power company. The company is mainly engaged in providing modern infrastructure solutions to create cleaner, reliable energy while generating a positive economic impact.
Read at Benzinga