So far, September is living up to its reputation as the cruelest month in the market, and it’s just week one. The S&P 500 ended the week down 4 out of five days for the worst week since March 2023, the week Silicon Valley Bank collapsed. If you remember, the regional banking market was holding on by a thread until the Federal Reserve and Treasury changed the rules. It allowed banks unfettered liquidity, staving off a run on the entire banking industry, which would have forced many banks to take actual marks on their long-duration, underwater government bonds. That would have made most of the U.S. banking industry roadkill. This week’s culprit was less clear.
It could just be the September goblins spooking a strong August showing. Or it could be the reckoning that Nvidia, which became the 2nd largest company overnight, might not be able to sustain long-term stellar growth rates much like befell Cisco during the early days of the Internet buildout. Or it could be the specter of an uncertain political outcome. Or it could be just about anything, including Halloween coming early. Easy come, easier go, as the market eviscerated ~ 4.25% of its year-to-date gains. This is when insiders stepping up can add some confidence to your game.
You can be an insider, too– by clicking here
Name: Dorothy C Thompson
Position: Director
Transaction Date: 2024-09-03 Shares Bought: 2,205 Average Price Paid: $300.30 Cost: $662,162
Company: Eaton Corp plc (ETN)
Eaton Corporation Plc was founded in 1911 and is headquartered in Dublin, Ireland. Eaton Corporation plc is a power management corporation with operations around the world. The company’s Electrical Americas and Electrical Global segments offer electrical components, industrial components, power distribution and assemblies, residential products, single and three-phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services. Its Aerospace segment offers pumps, motors, hydraulic power units, hoses and fittings, and electro-hydraulic pumps; valves, cylinders, electronic controls, electromechanical actuators, sensors, aircraft flap and slat systems, and nose wheel steering systems; hose, thermoplastic tubing products, fittings, adapters. The Vehicle division provides gearboxes, clutches, hybrid power systems, superchargers, engine valves, and valve actuation systems, locking and limited slip differentials, transmission controls, and fuel vapor components to the automotive industry. The eMobility segment offers voltage inverters, converters, fuses, circuit protection units, vehicle controls, power distribution systems, fuel tank isolation valves, and commercial vehicle hybrid systems.
Dorothy C. Thompson was appointed to the company’s Board of Directors on July 29, 2016. Dorothy C. Thompson CBE is the retired CEO and director of Drax Group plc, an international renewable energy firm, where she worked from 2005 until her retirement in 2017. Ms. Thompson previously oversaw InterGen NV’s European power division, served as assistant group treasurer at Powergen plc, and worked for CDC Capital Partners, the private sector part of the British government’s aid program. Ms. Thompson is the non-executive chair of Rotork plc, a global flow control and instrumentation firm. She also serves as the non-executive chairman of Statera Energy Limited, a renewable energy firm. From 2014 until 2022, Ms. Thompson served on the Bank of England’s Court of Directors, where she also held the positions of Chair of the Audit and Risk Committee and Senior Independent Director. She also served as the non-executive chairman of Tullow Oil plc, a London Stock Exchange-listed oil exploration and production business, from 2018 to 2021.
Opinion: This is a strange Form 4. I double-checked it, too. Thompson sold the same amount on the same day as the purchase. It may have something to do with estate planning, or it may have been a trade error. It’s not worth expending the limited brain cells I have left to figure this one out. Nonetheless, it’s been a good year for Eaton shareholders. Everything electric seems to be, should I say, “electric.” On August 1st, ETN Reported Q2 revenue $6.4B, consensus $6.34B. Craig Arnold, Eaton chairman and chief executive officer, said, “We continue to see strong demand across our markets—due to electrification, energy transition, and reindustrialization—resulting in record earnings and continued backlog growth. We’re making capacity investments in key product lines to support structurally higher growth, and we remain confident in our outlook. As a result, we are increasing our guidance for the year.”
Name: Calvin Mcdonald
Position: Chief Executive Officer
Transaction Date: 2024-09-03 Shares Bought: 4,000 Average Price Paid: $260.00 Cost: $1,040,000
Company: Lululemon Athletica Inc. (LULU)
Lululemon Athletica Inc. was formed in 1998 and is headquartered in Vancouver, Canada. Lululemon Athletica Inc. and its subsidiaries create, distribute, and sell athletic clothes, footwear, and accessories under the Lululemon brand for women and men. It sells pants, shorts, tops, and jackets for healthy lifestyles including yoga, running, training, and other hobbies. It also offers fitness-inspired accessories. The company sells its products through a network of company-owned stores, outlets, an interactive workout platform, yoga and fitness studios, university campus retailers, other partners, license and supply arrangements, temporary locations, mobile apps, and the lululemon.com e-commerce website. It operates in the United States, Canada, Mainland China, Australia, South Korea, Hong Kong, Japan, New Zealand, Taiwan, Singapore, Malaysia, Macau, Thailand, the Asia Pacific, the United Kingdom, Germany, France, Ireland, Spain, the Netherlands, Sweden, Norway, Switzerland, Europe, the Middle East, and Africa.
Calvin McDonald joined Lululemon in 2018 and serves on its Board of Directors. Mr. McDonald is the CEO of Lululemon Athletica Inc., an athletic wear brand with over 500 company-operated stores in 17 countries. He formerly served as president and CEO of Sephora Americas, a division of the LVMH group of luxury brands, from 2013 to 2018. Mr. McDonald was President and CEO of Sears Canada from 2011 to 2013, following 17 years at Loblaw Companies Limited, Canada’s largest retailer, where he was born and raised. From 2016 to 2020, he served on Cole Haan’s Board of Directors. Mr. McDonald is a growth-oriented executive who has helped huge organizations develop and innovate how brands interact with customers in shops, across digital channels, and from home. He received his MBA from the University of Toronto and a Bachelor of Science from the University of Western Ontario.
Opinion: Finally, someone bought some LULU besides me. The stock seems to be targeted by short sellers, who compare the category killer to past fashion flameouts, like Michael Kors. I disagree. LULU is still not cheap, but it’s a blue-chip, vertically integrated retailer with a bulletproof balance sheet. Men’s clothing and international seem to be the standout categories today as its core domestic women’s market is primarily saturated. Men have finally discovered what women have known for years. Clothes can look good and be comfortable too.
Name: Paul R. Auvil III
Position: Director
Transaction Date: 2024-09-03 Shares Bought: 20,000 Average Price Paid: $74.25 Cost: $1,484,968
Company: Elastic N.V. (ESTC)
Elastic N.V. was established in 2012 and is headquartered in Amsterdam, Netherlands. Elastic N.V., a search artificial intelligence (AI) firm, provides hosted and managed solutions that work on hybrid, public, or private clouds, as well as multi-cloud environments in the United States and abroad. The company primarily provides Elastic Stack, a collection of software tools that ingest and store data from various sources and formats, as well as perform search, analysis, and visualization of the data. Elasticsearch, a document store and search engine, and data store for various types of data, including textual, numerical, geospatial, structured, and unstructured; Kibana, a user interface, management, and configuration interface for the Elastic Stack; and Elasticsearch Relevance Engine, which combines AI with its text search to give developers a suite of retrieval algorithms and the ability to integrate with large LAN.
Neil S. Subin joined Elastic’s board of directors in October of 2023. Mr. Auvil brings over 35 years of financial, technology, and business leadership experience to the Elastic Board of Directors. He was the Chief Financial Officer of Proofpoint, Inc., a supplier of security-as-a-service solutions, from March 2007 to March 2023. Between September 2006 and March 2007, he was an entrepreneur-in-residence at Benchmark Capital, a venture capital firm. From August 2002 to July 2006, he was the Chief Financial Officer at VMware, Inc., a computing virtualization firm. Mr. Auvil has previously been on the boards of One Medical, OpenTV, Marin Software, and Quantum Corporation. He earned an undergraduate degree from Dartmouth College and a graduate degree from the Kellogg School of Management.
Opinion: Search is precarious. It’s undergoing a momentous sea change as generative AI threatens to replace the page rank model created. Even the category definer, Google, is under siege by generative AI, and the battle has just begun. I’d tread carefully even though this is a large purchase by a knowledgeable insider.
Name: Dennis Fehr
Position: SVP, Chief Financial Officer
Transaction Date: 2024-09-04 Shares Bought: 6,570 Average Price Paid: $38.04 Cost: $249,920
Company: Cognex Corp (CGNX)
Cognex Corporation was established in 1981 and is based in Natick, Massachusetts. The company offers machine vision technologies that gather and analyze visual data to automate manufacturing and distribution processes worldwide. Its machine vision technologies locate, identify, inspect, and measure discrete goods such as mobile phones, electric vehicle batteries, and e-commerce packages during the manufacturing or distribution, automating the manufacturing and tracking of those items. The company provides VisionPro software, a set of patented vision tools for advanced programming; QuickBuild, which enables clients to create vision applications using a graphical, flowchart-based programming interface; and Cognex deep learning vision software. It also offers a variety of inspection activities such as component locating, identification, measurement, assembly verification, and robotic guiding; vision sensors for vision applications such as detecting the existence and size of parts; and the In-Sight product line of vision systems and sensors.
Dennis Fehr was appointed Senior Vice President of Finance and Chief Financial Officer on May 3, 2024. Mr. Fehr, Senior Vice President of Financial and Chief Financial Officer, overseas Cognex’s global financial and information technology operations. Before joining Cognex in April 2024, Mr. Fehr was the CFO of 6K Inc., a manufacturing technology business specializing in strategic materials for the battery supply chain and additive materials. Before joining 6K, Inc., he was the CFO of Fluence Energy, Inc. (NASDAQ: FLNC), which he helped bring public in 2021. Before joining Fluence Energy, Mr. Fehr was Vice President of Finance at Siemens, where he worked for 15 years. He earned a B.A. from Cooperative State University in Villingen-Schwenningen, Germany.
Opinion: Cognex had a pretty chart pattern, rising from the left to the right. It didn’t take long for the wheels to fall off after Fehr got the CFO job. It’s not like Fluence; his former employer was doing gangbusters, either. Is this an opportune purchase or one that makes his new job more secure? It’s hard to credit Fehr for the tough quarter. CGNX issued rough guidance, and this market takes no prisoners. Cognex expects revenue to be between $225 million and $240 million. This range represents a slight sequential decrease in revenue from Q2-24 to Q3-24.
Name: John Cox
Position: CEO & President
Transaction Date: 2024-09-04 Shares Bought: 32,000 Average Price Paid: $33.04 Cost: $1,057,216
Company: Dyne Therapeutics Inc. (DYN)
Dyne Therapeutics, Inc. was established in 2017 and is based in Waltham, Massachusetts. Dyne Therapeutics, Inc., a clinical-stage muscle disease firm, is a biotechnology company based in the United States that focuses on developing therapies for genetically driven muscle illnesses. It is creating a portfolio of muscle disease therapeutics, including programs for myotonic dystrophy type 1, Duchenne muscular dystrophy, and facioscapulohumeral dystrophy, as well as rare skeletal muscle, cardiac, and metabolic muscle diseases, using its FORCE platform, which delivers disease-modifying therapeutics.
John Cox was appointed as President and CEO, as well as a member of the Board of Directors On March 25, 2024. John provides substantial management expertise in the biotechnology business, having held a variety of operational responsibilities, including rare disease commercialization. Most recently, he was CEO of Repertoire Immune Medicines and its predecessor from 2019 until 2022. Throughout his 14-year experience at Biogen, Mr. Cox held a variety of increasingly responsible positions, including executive vice president, and worldwide commercial and technical operations. Mr. Cox earned an MBA from the University of Michigan, an M.S. in cell biology from California State University, and a B.S. in biology from Arizona State University.
Opinion: Stifel analyst Paul Matteis says the firm can see why Dyne Therapeutics’ stock is down today, given the observation of two SAEs at the highest DYN-251 dose, alongside management changes likely taking some M&A premium out of the stock. CEO Cox views this as a buying opportunity ponying up a $1 million large at $33.04. This significantly increases his holdings from the reported indirect total reported ownership of 13,000 shares
s.
Name: Jay A Snowden
Position: President and CEO
Transaction Date: 2023-09-03 Shares Bought: 54,200 Average Price Paid: $18.44 Cost: $999,448
Company: PENN Entertainment Inc. (PENN)
Penn Entertainment, Inc. was founded in 1972 and is based in Wyomissing, Pennsylvania. The company was known as Penn National Gaming, Inc. before changing its name to PENN Entertainment, Inc. in August 2022. PENN Entertainment, Inc. and its subsidiaries provide integrated entertainment, sports content, and casino gaming experiences. The company is organized into five segments: northeast, south, west, midwest, and interactive. It provides online sports betting in several jurisdictions, as well as iCasino under the brand names Hollywood Casino, L’Auberge, ESPN BET, and Score Bet Sportsbook and Casino. The company’s portfolio also includes PENN Play, a customer loyalty program that offers various prizes and experiences to business channels. It also owns several other trademarks and service marks, including Ameristar, Argosy, Boomtown, Hollywood Casino, Hollywood Gaming, L’Auberge, PENN Play, theScore, theScore Bet, theScore esports, and M Resort.
Jay Snowden is the Chief Executive Officer and President of PENN Entertainment. Since becoming CEO in January 2020, Mr. Snowden has spearheaded PENN’s development into sports media, entertainment, and technology, including the acquisition of theScore in 2021 and a long-term strategic agreement with ESPN to establish and launch ESPN BET in 2023. Mr. Snowden has been President and Chief Operating Officer since March 2017, was named to the Board of Directors in August 2019, and has held several top leadership positions since joining the company in October 2011. During his time as President and Chief Operating Officer, he oversaw the Company’s successful margin improvement goals, as well as its integration activities following the acquisition of Pinnacle Entertainment. Mr. Snowden formerly held executive positions with Caesars Entertainment Corporation in many areas, including Las Vegas, Nevada, and Atlantic City, New Jersey. Mr. Snowden has a bachelor’s degree from Harvard University and an M.B.A. from Washington University in St. Louis.
Opinion: Sports gambling has been the classic: buy the rumor and sell the news stock. I still think gambling on gambling stocks is a tough way to make a living.
Name: James Joseph IV Kilroy
Position: Director
Transaction Date: 2024-09-05 Shares Bought: 12,900 Average Price Paid: $18.26 Cost: $235,554
Company: Healthcare Realty Trust Inc (HR)
Name: John Knox Singleton
Position: Director
Transaction Date: 2024-09-05 Shares Bought: 6,500 Average Price Paid: $18.24 Cost: $118,564
Company: Healthcare Realty Trust Inc (HR)
Name: Thomas N Bohjalian
Position: Director
Transaction Date: 2024-09-04 Shares Bought: 14,000 Average Price Paid: $17.88 Cost: $250,320
Company: Healthcare Realty Trust Inc (HR)
Healthcare Realty Trust Inc is a real estate investment trust (REIT) that owns and operates medical outpatient facilities, usually near market-leading hospital campuses. The company deliberately expands its portfolio through property acquisition and development. Healthcare Realty, the first and largest REIT specializing in medical outpatient buildings, with a portfolio of more than 700 properties comprising over 40 million square feet, concentrated in 15 growth markets.
Mr. J. Kilroy James joined Healthcare Realty Trust, Inc.’s board of directors on July 20, 2022. He is President and Portfolio Manager at Willis Investment Counsel, Inc. Before joining WIC, Mr. Kilroy worked seven years as an analyst for Abingdon Capital Management, a long/short hedge fund. Before joining Abingdon Capital Management, Mr. Kilroy worked as an equity research analyst at Bear, Stearns & Co. covering the multi-industrials sector for two years and as an investment banker at SunTrust Equitable Securities for four. Mr. Kilroy is on the Board of Directors of Healthcare Realty Trust, Inc. Healthcare Realty is a publicly traded real estate investment trust that owns, maintains, buys, and develops outpatient medical facilities throughout the United States. He also serves as Chairman of the Lakeview Academy Board of Trustees. Mr. Kilroy received a Bachelor of Science in Business Administration from the University of North Carolina at Chapel Hill’s Kenan-Flagler School of Business and an MBA from Northwestern University’s Kellogg School of Management.
Mr. John Knox Singleton has served as Chairman of the Company since 1993. John Knox Singleton’s current positions include Chairman of Healthcare Realty Trust, Inc., Director of Washington Mutual Investors Fund, and Director of Pneuma Respiratory, Inc. Previously, he served as CEO and Trustee at Inova Health System Services, President and CEO of Inova Health System Foundation, Independent Director at HRTI LLC, Director at J.P. Morgan & Co., Inc., President at Inova Loudoun Hospital, Inc., and President at Inova Health Care Services. He earned a graduate degree from Duke University in 1973 and an undergraduate degree from the University of North Carolina at Asheville in 1970.
Thomas N. Bohjalian was appointed to the Healthcare Realty Trust Board of Directors on June 25, 2024. Mr. Bohjalian is an independent director at Apartment Income REIT LP and a member of The New York Society of Security Analysts, Inc. Previously, he was an Independent Director at Apartment Income REIT Corp. from 2021 to 2024, Vice President at Cohen & Steers Total Return Realty Fund, Inc. from 2006 to 2021, Head of U.S. Real Estate at Cohen & Steers Capital Management, Inc. from 2002 to 2021, Vice President at AEW Capital Management LP from 1997 to 1999, Senior Vice President at Cohen & Steers Quality Income Realty Fund, Inc. from 2003 to 2011, and Vice President at Cohen & Steers REIT & Preferred. He was also the Executive Vice President and Head of Real Estate at Cohen & Steers, Inc. in New York. Mr. Bohjalian has an undergraduate and an MBA from Northeastern University.
Opinion: Insiders buying at recent highs is usually an excellent sign. We’ve owned this name for some time and would be buying more if we didn’t have a full position.
Name: Lawrence E Golub
Position: Chairman
Transaction Date: 2024-08-29 Shares Bought: 40,000 Average Price Paid: $15.01 Cost: $600,200
Company: Golub Capital Bdc Inc. (GBDC)
Name: David Golub
Position: Chief Executive Officer
Transaction Date: 2024-08-29 Shares Bought: 40,000 Average Price Paid: $15.01 Cost: $600,200
Transaction Date: 2024-09-03 Shares Bought: 40,000 Average Price Paid: $14.93 Cost: $597,000
Company: Golub Capital Bdc Inc. (GBDC)
Golub Capital BDC, Inc. is a business development company that operates as an externally managed closed-end, non-diversified management investment vehicle. The organization invests in middle-market companies with debt and minority stock, which are often backed by private equity investors. It often invests in a diverse variety of consumer services, such as automobiles, healthcare technology, insurance, healthcare equipment and supplies, hotels, restaurants, entertainment, healthcare providers and services, IT services, and specialty retail. The corporation intends to invest in the United States. The company’s major investments include first-lien traditional senior debt, first-lien one-stop, junior debt, equity, senior secured, one-stop, unitranche, second-lien, subordinated, and mezzanine loans from middle-market enterprises, as well as warrants.
Mr. Lawrence Golub has been the Chairman of the Board of Directors since November 2009. He is also the CEO of Golub Capital and a member of the GC Advisors LLC Investment Committee. Mr. Golub presently serves on the Stanford Interdisciplinary Life Sciences Council and the Stanford Impact Labs Advisory Board. Previously, Mr. Golub served as Managing Director of Bankers Trust Company. Before that, he was a Managing Director at Wasserstein Perella, where he expanded the firm’s capital markets and debt restructuring capabilities. Mr. Golub began his career at Allen & Company Incorporated, where he worked on private equity, leveraged financing, and mergers and acquisitions. Mr. Golub was a private member of New York’s Financial Control Board for almost twelve years. He was the Chairman of Mosholu Preservation Corporation, a non-profit organization that builds and operates low-income housing in the Bronx. Mr. Golub earned his AB magna cum laude in economics from Harvard College. He earned an MBA from Harvard Business School.
David Golub is the CEO of Golub Capital BDC. He also serves as President of Golub Capital and a member of GC Advisors LLC’s Investment Committee. Before joining Golub Capital in 2003, Mr. Golub was a Managing Director at Centre Partners, a leading middle-market private equity firm. Mr. Golub is a member of the Michael J. Fox Foundation for Parkinson’s Research’s Founders Council, where he formerly served as chairman and director for many years. Mr. Golub is a member of Stanford’s Graduate School of Business Advisory Council. In addition, he is a member of the Association of Marshall Scholars’ Directors Circle. Mr. Golub currently serves on the board of directors for Burton Snowboards and has previously served on the boards of other public and private companies. Mr. Golub earned his AB magna cum laude in Government from Harvard College. He received an MPhil in International Relations from Oxford University, where he was a Marshall Scholar and an MBA from the Stanford Graduate School of Business.
Opinion: Mid-market mezzanine lenders should do well as the Fed lowers rates and the cost of borrowing.
Name: Mark Lappe
Position: Chief Executive Officer
Transaction Date: 2024-08-29 Shares Bought: 40,000 Average Price Paid: $14.92 Cost: $596,763
Company: Inhibrx Biosciences Inc. (INBX)
Inhibrx Biosciences, Inc. was created in 2024 and is headquartered in La Jolla, California. The company is a clinical-stage biopharmaceutical company that creates biological therapeutics for patients with life-threatening disorders. INBRX-109, a tetravalent therapeutic candidate targeting death-receptor 5 that is in phase 2 clinical trial for the treatment of unresectable or metastatic conventional chondrosarcoma; and INBRX-106, a hexavalent sdAb-based therapeutic candidate targeting OX4 that is in phase 2 clinical trial for the treatment of metastatic solid tumor, non-small cell lung cancer, melanoma, head and neck cancer, gastric (GIST), and gastroesophageal adeno
Mr. Lappe co-founded Inhibrx in 2010 and has served as CEO since its establishment. He is also the Chairman of our Board of Directors. Mr. Lappe has over 30 years of experience in senior management, investment management, and executive recruiting, having formed executive teams for over 40 start-up biotechnology and medical device firms. Mr. Lappe was the founder and Managing Partner of Efficacy Biotech Fund, a fund that focused on strategic investments in publicly traded biotechnology businesses, before creating Inhibrx.
Opinion: This one has us very interested as it smacks of the Biohaven Pfizer deal and all the money the insiders made at Biohaven and they continue to buy their stock. INBX looks very similar to me.
Name: Liberty 77 Capital L.P. / Liberty 77 Fund International L.P. / STM Partners LLC / Steven T Mnuchin
Position: 10% Owner
Transaction Date: 2024-09-05 Shares Bought: 1,290,334 Average Price Paid: $6.81 Cost: $8,785,188
Company: Lions Gate Entertainment Corp (LGF-B)
Lions Gate Entertainment Corporation was founded in 1986, headquartered in Santa Monica, California. Lions Gate Entertainment Corp. operates in the film, television, subscription, and location-based entertainment industries in the United States, Canada, and across the world. The corporation is divided into three business units: film, television production, and media networks. The Motion Picture branch creates and produces feature films, acquires North American and global distribution rights, distributes North American feature films in cinemas, home entertainment, and on television, and licenses global distribution rights. Television Production develops, produces, and distributes series, films, miniseries, and nonfiction programming globally. Media Networks offers STARZ-branded premium subscription video services both locally and abroad via over-the-top platforms and video programming distributors such as cable operators, satellite TV providers, and telecommunications companies.
Liberty 77 Capital L.P., commonly known as Liberty Strategic Capital, is a private equity firm. The corporation mostly invests in technology startups. Liberty Strategic Capital serves clients throughout Washington. The firm, founded in 2021, is run by Steven T. Mnuchin, a former Treasury Secretary.
Liberty 77 Fund International LP engages in the Financial Services sector. The company is headquartered in Washington, D.C.
STM Partners LLC, a Delaware limited liability entity, has indirect authority over the Liberty Manager and the Liberty Funds’ general partner. Steven T. Mnuchin is the President of STM Partners LLC.
Steven T. Mnuchin is Liberty Strategic Capital’s founder and managing partner, as well as the chair of the Investment Committee. Mr. Mnuchin formerly served as the 77th Secretary of the Treasury, holding the position from February 2017 to January 2021. Mr. Mnuchin oversaw the US Treasury’s efforts to preserve a strong economy, encourage economic growth, and generate job opportunities by creating conditions conducive to success both at home and abroad. Mr. Mnuchin also oversaw cybersecurity for the financial services industry and all Treasury divisions, including the IRS. Before being confirmed, he created, chaired, and directed Dune Capital Management. He formed OneWest Bank Group LLC and served as its Chairman and CEO until it was sold to CIT Group Inc. Secretary Mnuchin previously worked for The Goldman Sachs Group, Inc., where he was a Partner and Chief Information Officer, responsible for the firm’s global information and technology strategy and operations. Secretary Mnuchin received a bachelor’s degree from Yale University.
Opinion: Steve, if you see this, we’re getting restless. Are you going to move on this company or not?
Name: Amir Adnani
Position: President and CEO
Transaction Date: 2024-09-06 Shares Bought: 60,000 Average Price Paid: $4.10 Cost: $246,270
Company: Uranium Energy Corp (UEC)
Uranium Energy Corp. was established in 2003 and is based in Corpus Christi, Texas. Uranium Energy Corp. and its subsidiaries explore, pre-extract, extract, and process uranium and titanium concentrates in the United States, Canada, and Paraguay. It has interests in the Palangana mine, Goliad, Burke Hollow, Longhorn, and Salvo projects in Texas; Anderson, Workman Creek, and Los Cuatros projects in Arizona; Dalton Pass and C de Baca projects in New Mexico; Roughrider, Shea Creek, Christie Lake, Horseshoe-Raven, Hidden Bay, Diabase, West Bear, JCU, and other projects in Canada; and Yuty, Oviedo, and Alto Paraná titanium projects in Paraguay. The company was previously known as Carlin Gold Inc. before changing its name to Uranium Energy Corp. in January 2005.
Amir Adnani joined Uranium Energy Corporation in 2012. He is the President, CEO, director, and founder of Uranium Energy Corp. Mr. Adnani is the founder and co-chairman of GoldMining Inc., a gold-resources acquisition and development business that has grown to own a sizable portfolio of gold projects throughout the Americas, as well as the chairman of Uranium Royalty Corp. Mr. Adnani has delivered several lectures at major industry conferences hosted by the International Atomic Energy Agency, the World Nuclear Fuel Market, and the Milken Institute. He frequently contributes to business media outlets such as CNBC, The Wall Street Journal, Bloomberg, and Fox Business News. Mr. Adnani holds a Bachelor of Science degree from the University of British Columbia and served as director of the university’s Alumni Association from 2015 to 2021.
Opinion: This company has been without any revenues for around twenty years. Shame on you.
Name: George M Jr Milne
Position: Director
Transaction Date: 2024-09-03 Shares Bought:100,000 Average Price Paid: $2.20 Cost: $219,800
Company: Amylyx Pharmaceuticals Inc. (AMLX)
Amylyx Pharmaceuticals, Inc. was created in 2013 and is based in Cambridge, Massachusetts. Amylyx Pharmaceuticals, Inc., a commercial-stage biotechnology business, focuses on the discovery and development of treatments for amyotrophic lateral sclerosis (ALS) and neurodegenerative illnesses. The company’s products include RELYVRIO, a dual UPR-Bax apoptotic inhibitor consisting of sodium phenylbutyrate and taurursodiol for the treatment of ALS in adults in the United States, and ALBRIOZA for the treatment of ALS in Canada. It is also developing AMX0114 to treat other neurological illnesses.
Dr. Milne became a director of Amylyx in 2015. Dr. Milne was Pfizer, Inc.’s President of Central Research from 1993 until 2000, where he handled both human and veterinary R&D. George M. Milne, Jr., Ph.D. became a Radius Venture Partner in 2002. Milne has been on the boards of several corporations and organizations, including Charles River Laboratories, Mettler-Toledo, Inc., BioStorage Technologies Inc., Draper Laboratory, the Sea Research Foundation, and the New York Botanical Garden. Milne has won numerous distinctions over his significant career, including a Yale University award for lifetime services to business, innovation, or education, the Connecticut College gold, and Big Brothers/Big Sisters’ distinguished citizen award. Dr. Milne earned a B.S. in Chemistry from Yale University and a Ph.D. in Organic Chemistry from the Massachusetts Institute of Technology.
Opinion: Early-stage biotech has big rewards and even bigger disappointments. I’d avoid it for now, even if there is a heartbeat.
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Insiders sell the stock for many reasons, but they generally buy for just one – to make money. You’ve always heard the best information is inside information. Everyone with any stock market experience pays close attention to what insiders are doing. After all, who knows a business better than the people running it? Officers, directors, and 10% owners are required to inform the public through a Form 4 Filing of any transaction, buy, sell, exercise, or any other within 48 hours of doing so. This info is available for free from the SEC’s Web site, Edgar, although we subscribe to SECForm4 as they provide a way to manage and make sense of the vast realms of data. I’ve tried a lot of vendors. SECForm4 is one of the smaller ones, but I like supporting Frank. He is not arrogant. He’s helpful and has great prices. He also trades on his own data, so I like people that eat what they kill.
The bar is different from selling because the natural state of management is to be a seller. This is because most companies provide significant amounts of management compensation packages as stock and options. Therefore, we analyze unusual patterns with selling, such as insiders selling 25 percent or more of their holdings or multiple insiders selling near 52-week lows. Another red flag is large planned sale programs that start without warning. Unfortunately, the public information disclosure requirements about these programs, referred to as Rule 10b5-1, are horrendously poor. Also, planned sales that pop up out of nowhere are basically sales and are seeking cover under this corporate welfare loophole. I also generally ignore 10 percent shareholders as they tend to be OPM (other people’s money) and perhaps not the smart money on which we are trying to read the tea leaves. I say generally because some 10% shareholders are great investors. Think Warren Buffett and others
Of course, insiders can also be wrong about their Company’s prospects. Don’t let anyone fool you into believing they never make mistakes. Do your own analysis. They can easily be wrong, and in many cases, maybe most cases, have no more idea what the future may hold than you or me. In short, you can lose money following them. We have, and we curse aloud; what were they thinking!
We like Fly on the Wall for keeping up with what events might be happening, analysts’ comments, and whatever else could be moving the stock. Dow Jones news service is an essential tool, but many services pick up their feed like they do Bloomberg. For quick financial analysis, it’s hard to beat Old School Value.
A big callout to my assistant Ambreen who sets up this conversation by listing the notable buys that I’ve identified. She probes the 10k for a reasonable description of the business. I’ve found that to be the most accurate and succinct place to find out what a business actually does.
This blog is solely for educational purposes and the author’s own amusement. Think of the blog as part of my personal investment journal that I am willing to share with the DIY investor. There are also many parts that I am not willing to share if I think it could influence trading action or be detrimental to the Fund’s partners. We could be long, short, or have no position at all in any of the stocks mentioned and express no written or implied obligation to disclose any of that.
The Insiders Fund is for qualified investors and by Prospectus only. Nothing herein should be construed otherwise. THE INSIDERS FUND prefers to invest in companies at or near prices that management has been willing to invest significant amounts of their own money in, but we have no requirement to do so. We also invest in many companies in anticipation of future insider buying or with the expectation that there is none at all.
You can be an insider, too– by clicking here
Prosperous Trading,
