The $1M Insider Buy No One’s Talking About (Yet)

This Week's Top Insider Moves That Matter

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If there’s one word for this week, it’s divergence.

Tech ripped higher across semis, software, and infrastructure, while consumer staples, healthcare plans, and telecom lagged. Cyclicals and communication services surged, but insurers and industrials saw selective weakness—setting the stage for insider activity that broke sharply from the market narrative.

While tech insiders trimmed into strength, the real story was in biotech and energy. There, deep-pocketed insiders weren't chasing momentum—they were placing long-range bets. Most notably, a gene therapy heavyweight kept buying while the rest of the market looked away.

The market moved on headlines. Insiders moved on conviction.

Let’s break it down.

Biggest Insider Sales

🏬 E.L.F. Beauty $ELF ( ▲ 0.81% ) – CEO Trims $5.2M

• Who’s Selling? Tarang Amin (CEO)

• What They Sold: 97,915 shares at $53.36

• Total Value: $5.2M

• Why It Matters: E.L.F. has been a market darling, but this sizable trim by the CEO raises eyebrows. Timing near all-time highs suggests a valuation check—or a personal payday.

🚀 TransDigm Group $TDG ( ▲ 0.74% ) – Co-COO Cuts Nearly Half

• Who’s Selling? Joel Reiss (Co-COO)

• What They Sold: 3,300 shares at $1,321.80

• Total Value: $4.36M

• Why It Matters: Shedding nearly 48% of holdings isn’t subtle. For a stock trading at premium multiples, such a decisive move could hint at insider caution.

🖥️ Pegasystems $PEGA ( ▲ 0.38% ) – Founder Cashes In

• Who’s Selling? Alan Trefler (CEO, COB, 10% Owner)

• What They Sold: 63,054 shares at $68.48

• Total Value: $4.31M

• Why It Matters: A meaningful sale by the founder, though percentage ownership remains unchanged. With tech valuations stretched, Trefler’s timing feels deliberate.

🏥 Cencora $COR ( ▲ 1.24% ) – Boardroom Exit at $4.1M

• Who’s Selling? Steven H. Collis (Exec COB)

• What They Sold: 14,579 shares at $281.81

• Total Value: $4.1M

• Why It Matters: An executive cashing out over $4 million signals potential recalibration, especially ahead of sector-wide regulatory noise.

💰 Coinbase $COIN ( ▲ 2.83% ) – Armstrong Slashes 97%

• Who’s Selling? Brian Armstrong (CEO, 10% Owner)

• What They Sold: 20,000 shares at $198.44

• Total Value: $3.97M

• Why It Matters: A brutal -97% reduction from Armstrong is hard to ignore. Whether it’s tax planning, liquidity needs, or a soft confidence signal, it’s a move that deserves investor attention.

Insiders weren't just lightening their pockets this week—they were making some decisive moves at rich valuations. But while exits dominated the headlines, some insiders saw opportunity instead.

Let's flip to the biggest insider buys and see where the conviction truly lies.

Biggest Insider Purchases

🧬 Adverum Biotechnologies $ADVM ( ▼ 2.02% ) – Persistent Confidence Surge

• Who’s Buying? Braden Michael Leonard (10% Owner)

• What They Bought: 350,000 shares at $3.00

• Total Investment: $1.05M

• Why It Matters: Leonard has been one of the most consistent buyers in biotech, building position after position. This latest buy reinforces a conviction play near historical accumulation levels.

🛒 Upexi, Inc. $UPXI ( ▲ 14.72% ) – CEO Doubles Down

• Who’s Buying? Allan Marshall (CEO, 10% Owner)

• What They Bought: 657,895 shares at $2.28

• Total Investment: $1.5M

• Why It Matters: Marshall didn’t just buy — he bought big and at far higher prices than past entries. A CEO willingly paying up for shares is a strong tell that internal outlook remains bullish.

🛢 Gran Tierra Energy $GTE ( 0.0% ) – Steady Hand Accumulates

• Who’s Buying? Equinox Partners Investment Management LLC (10% Owner)

• What They Bought: 190,158 shares at $4.79

• Total Investment: $910K

• Why It Matters: Equinox has been methodically building its energy exposure. Buying at similar prices over time reflects a strategy of patient conviction, not opportunistic trading.

🍳 Cracker Barrel $CBRL ( ▲ 0.23% ) – Smart Money Sniffs a Bottom

• Who’s Buying? GMT Capital Corp (10% Owner)

• What They Bought: 26,500 shares at $43.84

• Total Investment: $1.16M

• Why It Matters: After a brutal consumer discretionary selloff, value-focused GMT Capital is stepping back in. History shows these guys don’t chase rallies — they position quietly before them.

🚗 Greenland Technologies $GTEC ( ▲ 9.21% ) – Ownership Reset?

• Who’s Buying? Peter Wang (Director, 10% Owner)

• What They Bought: 6,211,740 shares at $1.00

• Total Investment: $6.21M

• Why It Matters: This transaction appears to be a structured transfer rather than open-market conviction buying. Not a traditional bullish signal without further context.

🔬Insider Under the Microscope: Adverum Biotechnologies

This week, Adverum Biotechnologies $ADVM ( ▼ 2.02% ) caught our attention with a massive insider buy—just as the stock trades near multi-year lows.

Braden Michael Leonard, Managing Member of BML Capital and one of biotech’s savvier investors, scooped up 350,000 shares at $3.00, investing over $1 million in the open market. That brings his total beneficial ownership to approximately 15% of the company—an unusually aggressive move at this stage of the game.

The timing is notable. Adverum just launched Phase 3 trials for Ixo-vec, a one-time gene therapy for wet AMD that could reshape the standard of care if successful. Early Phase 2 results already showed best-in-class reduction in injection burden, manageable safety, and sustained efficacy—critical signals for FDA and partner interest. Meanwhile, the company holds Fast Track and RMAT designations, putting it squarely on the fast lane with regulators.

Leonard’s history makes this purchase even more compelling. He’s not a passive investor—he's known for either pressing companies to liquidate if prospects are dim or loading up when he sees asymmetric upside. Here, his multi-million-dollar accumulation suggests he believes Adverum's pivotal trials—or possibly a partnership—could materially reprice the stock.

At a ~$3 stock price and ~$100M market cap, ADVM’s valuation barely registers the $8–$10 billion wet AMD opportunity it's chasing. Leonard’s conviction hints that public markets might be wildly underestimating the risk/reward.

While biotech volatility is always a risk, when an insider with Leonard’s playbook makes a bet this big at this stage, it’s a move worth flagging.

👀 This was just one of five major trades we flagged this week.
Access+ members saw the rest — as they happened, not after the market moved.

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