Benzinga - The Nasdaq closed lower on Friday, also recording losses for the week. Investors, meanwhile, focused on some 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.
Moderna
- The Trade: Moderna, Inc. (NASDAQ: MRNA) Director Noubar B. Afeyan sold a total of 20,000 shares at an average price of $167.84. The insider received around $3.36 million from selling those shares.
- What’s Happening: JP Morgan recently maintained Moderna with a Neutral and raised the price target from $132 to $138.
- What Moderna Does: Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018.
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MGM Resorts International
- The Trade: MGM Resorts International (NYSE: MGM) CEO and President William Hornbuckle sold a total of 110,000 shares at an average price of $44.86. The insider received around $4.93 million from selling those shares.
- What’s Happening: MGM recently reported better-than-expected Q4 revenues and announced a $2 billion buyback.
- What MGM Resorts International Does: MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one fourth of all units in the market.
Fox Corporation
- The Trade: Fox Corporation (NASDAQ: FOX) Chief Legal and Policy Officer Viet D Dinh sold a total of 72,207 shares at an average price of $35.91. The insider received around $2.59 million from selling those shares.
- What’s Happening: Fox recently reported better-than-expected Q2 sales results.
- What Fox Does: Fox represents the assets not sold to Disney by the predecessor firm, Twenty First Century Fox.
Willis Towers Watson
- The Trade: Willis Towers Watson Public Limited Company (NYSE: WTW) Chief Administrative Officer Anne D. Bodnar sold a total of 5,000 shares at an average price of $253.94. The insider received around $1.27 million from selling those shares.
- What’s Happening: The company recently posted upbeat quarterly results.
- What Willis Towers Watson Does: In January 2016, Towers Watson and Willis Group merged to form Willis Towers Watson, a global advisory, insurance brokerage, and solutions company.
Merck
- The Trade: Merck & Co., Inc. (NYSE: MRK) EVP, Chief HR Officer Steven Mizell sold a total of 5,000 shares at an average price of $107.00. The insider received around $535.01 thousand from selling those shares.
- What’s Happening: Merck’s Phase 3 NRG-GY018 trial evaluating Keytruda (pembrolizumab) combined with standard-of-care chemotherapy (carboplatin and paclitaxel) recently met its primary endpoint of progression-free survival (PFS).
- What Merck Does: Merck makes pharmaceutical products to treat several conditions in a number of therapeutic areas, including cardiometabolic disease, cancer, and infections.