This morning I told you a biotech founder put $849,000 into his own stock. That was one trade. Over the past two years, he has purchased shares five separate times, investing $6.9 million of his own money. He has never sold a single share.
You read this morning that Mark Lappe, the founder and CEO of Inhibrx Biosciences, bought 10,040 shares at $84 to $86 through both his family trust and his children’s trust. Tonight, let’s open the full record.
Three questions I’ll answer
| — |
How many times has Lappe bought his own stock since Sanofi acquired half the company — and at what prices? |
| — |
Where does his total position stand after two years of accumulation? |
| — |
What does a founder who already exited for $2.2 billion tell you by buying five more times? |
One buy is a filing. Five is a pattern. I’ll walk you through it tonight. ↓
|
|
|
The Lappe Timeline
In May 2024, the French pharmaceutical giant Sanofi acquired Inhibrx’s rare-disease program for $2.2 billion. As part of the deal, the oncology pipeline — the cancer drugs still in clinical trials — was separated and listed as a new public company: Inhibrx Biosciences (ticker: INBX). Inhibrx Biosciences develops engineered proteins designed to activate the immune system against tumor cells. Lappe, who founded the original Inhibrx in 2010, stayed on as CEO. Then he started buying shares on the open market.
FIVE OPEN-MARKET PURCHASES — FROM EDGAR, IN ORDER
|
AUG 2024
|
40,000 shares at ~$13 through his Roth IRA — $518K
|
|
AUG–SEP 2024
|
124,000 shares at $14–$17 through family trusts — $1.9M
|
|
SEP 8, 2026
|
25,000 shares at ~$106 through Family Trust — $2.6M
|
|
SEP 25–28, 2026
|
10,000 shares at ~$100 through Family Trust — $1.0M
|
|
OCT 14, 2026
|
10,040 shares at ~$85 through both trusts — $849K
|
WHERE HE STANDS NOW
Total open-market purchases since the spin-off: approximately $6.9 million across five rounds. Shares sold: zero. As of the October 14 filing, Lappe holds roughly 970,000 shares through the Lappe Family Trust, the Lappe Descendants’ Trust, and his Roth IRA — a position worth approximately $82 million at the most recent purchase price.
WHAT THE PATTERN SAYS
Lappe bought at $13 when the stock was a freshly spun-off unknown. He came back at $106 after it rose more than 700%. When it fell to $85 this month, he bought again — through both his personal trust and his children’s trust. A founder who already exited for $2.2 billion, kept the riskier oncology pipeline, and then invested $6.9 million into it is not rebalancing a portfolio. He is building a position ahead of a specific outcome: the FDA accepted a biologics license application — the formal request for approval to sell a drug — for ozekibart, Inhibrx’s lead cancer treatment, with a decision deadline of April 14, 2027.
NATE’S TAKE
I have tracked insider buying for 25 years. Anyone can buy once. But when a CEO purchases shares at $13, comes back at $106, and adds again at $85 — through his personal trust, his children’s trust, and his retirement account — he is telling you something about the business that the stock price has not fully reflected. Five purchases. Zero sales. An FDA decision six months out. That is the cleanest insider pattern I have seen this year.
— Nate Fowler
After the Bell · Evening Special Edition
|
|
Tidak ada komentar:
Posting Komentar