Wall Street Just Missed This $38M Insider Bet

This Week's Top Insider Moves That Matter

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It started with a biotech collapse. A once-promising immunotherapy trial flatlined, the stock tanked, and the street turned away.

But one fund didn’t flinch. EcoR1 stepped in with nearly $40 million, doubling down when others ran.

Meanwhile, the broader market lit up. Semiconductors surged. Consumer names caught fire. Even legacy financials found a pulse. But healthcare cracked, and insiders there? Silent.

Elsewhere, boardrooms buzzed. Tech insiders took some chips off the table. Builders got bolder. And in a quiet corner of the map, an oil executive quietly added to his stake.

Let’s break it down.

Biggest Insider Sales

📦 Coupang, Inc. $CPNG ( ▲ 1.49% ) – $772.5M from SoftBank’s Playbook

• Who’s Selling? SVF Investments (UK) Ltd (10% Owner)

• What They Sold: 30M shares at $25.75

• Total Value: $772.5M

• Why It Matters: SoftBank just took another massive bite out of its Coupang position. While this isn’t their first trim, the size suggests a strategic step-down amid changing macro winds and shifting priorities.

🏠 Corebridge Financial $CRBG ( ▲ 1.49% ) – AIG Offloads $430M

• Who’s Selling? American International Group, Inc. (10% Owner)

• What They Sold: 13.39M shares at $32.15

• Total Value: $430.4M

• Why It Matters: The move is consistent with AIG’s multi-year unwinding of Corebridge. But with financials heating up, the timing raises eyebrows.

🛡 ADT Inc. $ADT ( ▲ 1.42% ) – Apollo Reduces by $401M

• Who’s Selling? Apollo Management Holdings GP, LLC (10% Owner)

• What They Sold: 50M shares at $8.02

• Total Value: $401M

• Why It Matters: Private equity doesn’t make casual exits. This continues Apollo’s methodical reduction of its ADT stake, likely freeing up capital for new deployments.

💡 Klaviyo, Inc. $KVYO ( ▲ 0.89% ) – Full Exit by the CEO

• Who’s Selling? Andrew Bialecki (CEO, 10% Owner)

• What He Sold: 10.97M shares at $32.90

• Total Value: $360.8M

• Why It Matters: Bialecki sold everything. That’s not a trim, that’s a mic drop. Whether it's diversification or a signal, investors will be watching.

💸 Remitly Global, Inc. $RELY ( ▼ 0.09% ) – Naspers Trims 32%

• Who’s Selling? Naspers Ltd (10% Owner)

• What They Sold: 11.9M shares at $22.89

• Total Value: $272.3M

• Why It Matters: With nearly a third of its stake gone, Naspers looks ready to redeploy capital. A familiar trend from PE and VC players this quarter.

As the exits grow louder, the entries tell a different story. Let’s flip the tape and look at who’s buying this week.

Biggest Insider Purchases

🏭 Middleby Corp $MIDD ( ▲ 1.14% ) – $65.6M from a Steady Hand

• Who’s Buying? Edward P. Garden (Director)

• What He Bought: 452,397 shares at $144.90

• Total Investment: $65.6M

• Why It Matters: Garden isn’t a frequent buyer, but when he moves, it’s with weight. This purchase dwarfs other recent insider buys at Middleby, signaling confidence from the boardroom in the company’s trajectory.

🏗 Builders Firstsource $BLDR ( ▲ 2.27% ) – Director Steps In With $55.5M

• Who’s Buying? Paul S. Levy (Director)

• What He Bought: 500,000 shares at $110.97

• Total Investment: $55.5M

• Why It Matters: A major play amid rate-sensitive sector volatility. While Levy has been active elsewhere, this kind of direct exposure at elevated prices speaks volumes about his outlook for home construction demand.

🧬 iTeos Therapeutics $ITOS ( ▼ 2.01% ) – Hedge Fund Doubles Down

• Who’s Buying? Ecor1 Capital, LLC (10% Owner)

• What They Bought: 4.96M shares at $7.80

• Total Investment: $38.7M

• Why It Matters: This isn’t a flyer. Ecor1 has a reputation for bottom-picking in biotech. Coming off a large exit in Prothena, their rapid redeployment into ITOS suggests inside knowledge or firm belief in upcoming catalysts.

🛒 Coupang Inc. $CPNG ( ▲ 1.49% ) – Greenoaks Adds $37.5M

• Who’s Buying? Greenoaks Capital Partners LLC

• What They Bought: 1.4M shares at $26.81

• Total Investment: $37.5M

• Why It Matters: In the same week SoftBank lightened up, Greenoaks stepped in. The contrast could signal conviction in Coupang’s long-term growth runway from insiders with staying power.

⛽ TXO Partners $TXO ( ▲ 2.5% ) – Co-Founder Piles On $33.75M

• Who’s Buying? Bob R. Simpson (Director, 10% Owner)

• What He Bought: 2.25M shares at $15.00

• Total Investment: $33.75M

• Why It Matters: A 50% position increase from an energy veteran. With oil names moving and small caps lagging, this looks like a well-timed bet.

🔬Insider Under the Microscope: iTeos Therapeutics

Biotech specialist fund EcoR1 Capital nearly doubled its stake in iTeos Therapeutics $ITOS ( ▼ 2.01% ) adding 4.96M shares at $7.80 for a total of $38.7M, just one day after the company’s TIGIT cancer immunotherapy failed a critical trial and was shut down.

That kind of move isn’t casual. It’s conviction.

EcoR1 now holds over 10.6M shares (~18% of the company), stepping in while legacy VCs were trimming under pre-scheduled plans. The timing of EcoR1’s buy signals they see more than salvage value; it implies they believe iTeos is sitting on untapped upside.

And they might be right. Despite the failed TIGIT trial, iTeos has over $600M in cash, more than its current market cap. Its early-stage pipeline includes a first-in-class ENT1 inhibitor (EOS-984) targeting adenosine-driven immune suppression, and a novel TREM2 antibody (EOS-215) aimed at reprogramming tumor-associated macrophages. Both programs are entering human trials this year.

Importantly, iTeos has publicly confirmed it is evaluating “strategic alternatives,” code for potential M&A or a shareholder-friendly move. In this light, EcoR1’s bet looks like a play on asymmetric upside: limited downside (cash floor) with multiple near-term catalysts, including a possible sale.

Unlike many insider purchases, this wasn’t symbolic. It was surgical. EcoR1 is known for deeply researched biotech positions. When they deploy nearly $40M into a beaten-down name, it’s because they’ve run the numbers and likely, the science.

With analyst targets sitting at $10–12 and a strategic review in motion, the market may be underestimating what comes next. For now, EcoR1 is betting big that iTeos is more than a failed TIGIT story—and they might be first to spot the turn.

👀 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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