U.S. crude oil futures traded lower this morning on Monday. 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.
- The Trade: Moderna, Inc. MRNA Director Noubar B. Afeyan sold a total of 10,000 shares at an average price of $134.00. The insider received around $1.34 million from selling those shares.
- What’s Happening: The company recently said it is open to providing COVID vaccines to China and building a COVID vaccine plant in Japan.
- What Moderna Does: Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018.
- The Trade: Amazon.com, Inc. AMZN CEO Amazon Web Services Adam Selipsky sold a total of 1,020 shares at an average price of $127.94. The insider received around $130.5 thousand as a result of the transaction.
- What’s Happening: California state attorney general prosecuted Amazon.com for allegedly inflating prices, stifling competition, and violating the antitrust laws with third-party sellers' and wholesalers' contracts, the Wall Street Journal reported.
- What Amazon.com Does: Amazon is a leading online retailer and one of the highest-grossing e-commerce aggregators, with $386 billion in net sales and approximately $578 billion in estimated physical/digital online gross merchandise volume in 2021.
Have a look at our premarket coverage here .
- The Trade: Bristol-Myers Squibb Company BMY Board Chair and CEO Giovanni Caforio sold a total of 50,000 shares at an average price of $71.84. The insider received around $3.59 million from selling those shares.
- What’s Happening: Bristol Myers Squibb received European Commission approval for LAG-3-blocking antibody combination opdualag for treatment of unresectable or metastatic melanoma with tumor cell PD-L1 Expression < 1%.
- What Bristol-Myers Squibb Does: Bristol-Myers Squibb discovers, develops, and markets drugs for various therapeutic areas, such as cardiovascular, cancer, and immune disorders.
- The Trade: McKesson Corporation MCK EVP Lori Schechter sold a total of 7,500 shares at an average price of $343.94. The insider received around $2.58 million from selling those shares.
- What’s Happening: Argus Research recently maintained McKesson with a Buy and raised the price target from $370 to $430.
- What McKesson Does: McKesson is a leading wholesaler of branded, generic, and specialty pharmaceutical products to pharmacies (retail chains, independent, and mail order), hospitals networks, and healthcare providers.
- The Trade: Target Corporation TGT Executive Officer John Mulligan sold a total of 39,101 shares at an average price of $166.02. The insider received around $6.49 million from selling those shares.
- What’s Happening: Keybanc recently initiated coverage on Target with an Overweight rating and announced a price target of $200.
- What Target Does: With 1,926 stores (as of the end of fiscal 2021), Target is a leading American general merchandise retailer, offering a variety of products across several categories, including beauty and household essentials (26% of fiscal 2021 sales), food and beverage (19%), home furnishings and décor (19%), hardlines (18%), and apparel and accessories (17%).
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