The stock market had its best week since November 2023, immediately after its worst week of the year. The market is now spitting distance from where it ended the month of August. Lately, the market has been on a merry-go-round.
Name: Robert W Gerrity
Position: Chief Executive Officer
Transaction Date: 2023-09-13 Shares Bought: 10,000 Average Price Paid: $24.73 Cost: $247,300
Company: Vitesse Energy Inc. (VTS)
Name: James P Henderson
Position: Chief Financial Officer
Transaction Date: 2023-09-14 Shares Bought: 10,000 Average Price Paid: $22.99 Cost: $229,900
Company: Vitesse Energy Inc. (VTS)
Vitesse Energy, Inc. was created in 2014 and is headquartered in Greenwood Village, Colorado. Vitesse Energy, Inc., together with its subsidiaries, acquires, develops, and produces non-operated oil and gas properties in the United States. The company owns and buys non-operated working and royalty interests in Williston Basin properties in North Dakota and Montana. The corporation also owns non-operating interests in Central Rockies holdings in Colorado and Wyoming.
Mr. Robert W. Gerrity, also known as Bob, has been the Chairman of the Board of Vitesse Energy, LLC since January 13, 2023, and the company’s CEO and Director since August 5, 2022. Vitesse started in the Bakken when Bob invested his own money to buy non-operated working interest acreage 2010. Bob has personally been involved in more than 500 gross wells to date. Bob began his career in the oil sector in 1982 when he purchased an interest in four newly drilled Codell wells in Colorado’s Wattenberg Field. He founded Gerrity Oil and Gas Corporation (Gerrity Oil) as a low-cost operator that delivered economic performance in a low-price market.
James “Jimmy” Henderson has been named as Vitesse’s Chief Financial Officer, beginning September 1, 2023, and is in charge of all financial aspects of the company. Jimmy has over 30 years of expertise in the oil and gas sector, including management, finance, and accounting. He most recently served as Executive Vice President of Finance and Chief Financial Officer of Whiting Petroleum, which emerged from bankruptcy in September 2020 and merged with Oasis Petroleum in July 2022 to become Chord Energy. Jimmy previously held the same position at SRC Energy and Kodiak Oil & Gas, expanding each company through acquisitions and capital expenditures. Jimmy worked in increasingly responsible positions with Western Gas Resources, Aspect Energy, and Pennzoil Company before taking on these senior responsibilities. Jimmy earned a B.B.A. in Accounting from Texas Tech University and a Master of Business Administration from Regis University.
Opinion:
Name: Mark Lappe
Position: Chief Executive Officer
Transaction Date: 2024-09-06 Shares Bought: 44,000 Average Price Paid: $15.25 Cost: $671,150
Company: Inhibrx Biosciences Inc. (INBX)
Inhibrx Biosciences, Inc., founded in 2024, is headquartered in La Jolla, California. The firm is a clinical-stage biopharmaceutical company that develops biological therapies for individuals with life-threatening conditions. 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 adenocarcinoma (GEA) cancer, renal cell carcinoma, and urothelial (transitional) cell carcinoma.
Mr. Lappe co-founded Inhibrx in 2010 and has been 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 assembled executive teams for over 40 start-up biotechnology and medical device firms. Before creating Inhibrx, Mr. Lappe was the founder and Managing Partner of Efficacy Biotech Fund, which made strategic investments in publicly traded biotechnology firms.
Opinion:
Follow us on Twitter for real-time insider buying alerts at https://twitter.com/theinsidersfund
You can be an insider, too– by clicking here
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,
