12/28/2023 0 Comments Aaron cox horizon therapeuticsThe rally wasn’t enough to bring out any sellers, however, indicating the stock was still under a level insiders view shares as undervalued.HORIZON THERAPEUTICS PLC AND HORIZON THERAPEUTICS USA, INC.Įxecutive Employment Agreement (hereinafter referred to as the Agreement), is entered into by and between Horizon Therapeutics PLC., an Irish Public Limited Company, and its wholly owned subsidiary, Horizon Therapeutics ![]() HZNP reported earnings on November 2 driving shares as high as $78.82 by November 8 from a pre-earnings close of $63.18. Shares hadn’t traded to $90.00 since June and Walbert has been absent since. CEO Timothy Walbert, for instance, sold every month from November 2021 to June 2022 using a $90.00 minimum price threshold. Note that much of the selling has been guided by 10b5-1 plans, with some employing price sensitivity. The 18-quarter streak of selling was particularly strong in 20 when it was common to see six or more insiders sell in a quarter. It’s an unusually long period without sales after a consistent sell culture that has seen at least one seller per quarter since Q2’18. The last sale at HZNP was on July 29 when Chief Business Officer Andy Pasternak sold at $82.57. HZNP never executed a material buyback before so the move to spend nearly $250M in a short two-month span is unusual. The positive valuation message is bolstered by an aggressive buyback pace in September and October that combined to retire 1.7% of the outstanding. The company-wide willingness to pause selling was in part driven by minimum price thresholds in 10b5-1 and suggests insiders are waiting out for a stronger recovery in shares. On November 21, a lack of insider selling since late July generated our Extreme Cessation of Selling Unusual Event, unusual behavior that contrasts with a lengthy sales streak dating back to Q2’18. Horizon Therapeutics shares surged 27% on Wednesday, November 30, the day of the M&A announcement. Such was the case when Horizon Therapeutics, a rare-disease biotech company, issued a public statement disclosing it was “engaged in highly preliminary discussions” with major pharmaceutical companies that “may or may not lead to an offer being made for the entire share capital of the Company.” ![]() VerityData’s proprietary Cessation of Selling events - which allow us to find more frequent long ideas at high-quality companies - can and have been precursors to notable events, such as M&A announcements. Podcast VerityData experts demystify insider signals that drive differentiated ideas.Blog Covering investment ideas, data analysis, and productivity best practices.Newsroom Press releases and media articles covering Verity.Careers We’re always looking for smart, ambitious team members.Leadership Decades of industry experience leading the way forward at Verity. ![]() Company Overview Our mission is to provide the best-possible software solutions and data intelligence to our customers.Who We Serve Startups to global multi-strategy funds drive outperformance with Verity.VerityESG Engagement tracker for ESG & impact investing.Drive productivity & collaboration from anywhere. VerityRMS Modern research management system.VerityData High-integrity primary datasets.
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