Corporate Insider Buying and Congress Biotech Moves

Author

David Love
November 27, 2024

QUIVER STRATEGIES
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Each week, we are highlighting the top Quiver Strategies trending right now:

In today’s edition:

DATA ROUNDUP
Insider Purchases

Insider trading activity can provide valuable insights into instances where a company’s executives are bullish, and this week's reports have been particularly interesting.

We have been highlighting some of the most significant new trades on a new Twitter account: @InsiderRadar. Last week we reported on 7 significant new insider purchases, and many of them have already shown promising results in a short time frame.

First, Enphase Energy (ENPH) has shown strong momentum following its CEO acquiring $300K in shares on November 20th. The stock has appreciated 17% since then, significantly outperforming the market.

We also reported on Oscar Health (OSCR) co-founder Joshua Kushner making remarkable moves in the market. Through three separate transactions over just 10 days, Kushner has invested an impressive $23M in the company.

His most recent $3M purchase on November 22, 2024, completed this significant series of investments. The market's response has been overwhelmingly positive, with OSCR stock surging 11% since our initial coverage on the 14th.

At Estée Lauder (EL), a director's confident $10M investment has yielded strong returns, with the stock gaining 19% since our report. Similarly, (ARRY)'s CEO showed strong conviction with a $100k purchase on November 20th, leading to a 11% increase since we shared the news.

TriMas (TRS) has been mostly flat following its CEO's substantial $250K insider purchase on November 19th. Since our report, the stock has risen 1%. On November 22, a director at Pitney Bowers (PBI) reported the purchase of ~$225k of the company’s stock. Since then, it has risen 6%.

Rounding out the insider activity, OneWater Marine’s CEO (ONEW) made a notable $450K purchase on November 21st. This vote of confidence has already translated into a 19% gain since our report.

These insider purchases and subsequent stock performance underscore the potential value of tracking such activities.

Insights from our Insider Trading Dashboard

POLITICS
Last Week’s Congressional Trades

Insights from our Congress Trading Dashboard

Several members of Congress have already made millions of dollars in the stock market in 2024:

  • On 11/21/24 Rep. Laurel M. Lee (R) disclosed 4 trades:

    • On 10/7/24 She bought up to $50k in $215 Apple 1/17/25 puts, and is up nearly 6% on the position compared to a 5.5% increase in the S&P 500 (disclosed 11/21/24).

    • Purchased up to $50k in Pfizer (PFE) stock on 10/18/24 and is down 10.84% compare to a 2.62 gain in the S&P 500.

    • Sold up to $50k worth of GE Vernova stock (GEV) on 11/08/24 and the stock is down almost 2% on compared to a flat 0.12% S&P 500.

    • Up to $250k of her spouses note holdings in Tuhura Biosciences (HURA) were converted into stock on 10/18/24 through a merger and 1-for-35 reverse stock split with Kintara Therapeutics. The position is down 45.79% compared to a 2.46% increase in the S&P 500 (disclosed 11/21/24).

NEWS
U.S. Treasuries Rally on Scott Bessent’s Treasury Nomination

U.S. Treasuries rallied on Monday, trimming yields by over 10 basis points across five- to 30-year maturities, as markets reacted positively to the announcement of Scott Bessent as President-elect Donald Trump’s Treasury secretary pick. Investors view Bessent, a Wall Street veteran and head of Key Square Group, as a moderating force on Trump’s more aggressive trade and economic policies. The dollar fell sharply, losing 0.7%, as Bessent emphasized a balanced approach to tariffs and pledged to maintain the dollar’s global reserve status while implementing Trump’s tax cut agenda.

Bessent’s nomination contrasts with Trump’s trend of appointing unorthodox candidates and loyalists to key positions. His approach to fiscal policy, which includes limiting reliance on Treasury bills and focusing on tax reform, has been welcomed by market strategists. However, the potential for trade wars and tariffs remains a key concern. Yields on 10-year Treasuries dropped to 4.28%, the lowest since Nov. 8, as traders revised expectations for Federal Reserve rate cuts in 2025, pricing in 73 basis points of easing by year-end.