The Nasdaq Composite fell about 150 points on Thursday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it indicates that they are concerned about the prospects of the company or that they consider the stock to be overvalued. Either way, this signals an opportunity to go short on the stock. Insider selling should not be considered the sole indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is an overview of some recent notable insider sales. To find out more, see Benzinga Insider Trading Platform.
Nu Skin Companies
- The exchange: Nu Skin Enterprises, Inc. UNS Director Andrew D. Lipman sold a total of 1,000 shares at an average price of $36.67. The insider received approximately $36.67 thousand from the sale of these shares.
- What is happening: The company, last month, published pessimistic quarterly results.
- What Nu Skin Enterprises does: Nu Skin Enterprises Inc is a direct selling health and beauty products company offering a full line of products: anti-aging skin products; scrubs, masks and scrubs; moisturizers; body care; hair care; men’s grooming; oral care; sunscreen; and cosmetics.
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Bristol-Myers Squibb Company
- The exchange: Bristol-Myers Squibb Company BMY Chairman of the Board and CEO Giovanni Caforio sold a total of 25,000 shares at an average price of $69.71. The insider received approximately $1.74 million as a result of the transaction.
- What is happening: The European Commission has approved Bristol Myers Squibb’s fixed-dose combination of Opdualag (nivolumab and relatlimab) for melanoma patients aged 12 years and older.
- What Bristol-Myers Squibb does: Bristol-Myers Squibb discovers, develops and markets drugs for various therapeutic areas, such as cardiovascular, cancer and immune diseases.
Take a look at our pre-market coverage here.
- The exchange: Nasdaq, Inc. NDAQ Executive Vice President Jeremy Skule sold a total of 2,100 shares at an average price of $59.80. The insider received approximately $125.58 thousand from the sale of these shares.
- What is happening: In an apparent attempt to capitalize on the growing appeal of high net worth individuals in the crypto space, the Nasdaq will offer custodial services for Bitcoin and Ethereum to institutional investors.
- What the Nasdaq does: Founded in 1971, the Nasdaq is primarily known for its stock exchange, but in addition to its market services business (approximately 35% of sales), the company sells and distributes market data and offers Nasdaq-branded indices asset managers and investors. through its information services segment (30%).