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Achillion Pharmaceuticals Sees a Major Insider Sale Following Its Stock's Nosedive

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Plus, there were purchases at Par Petroleum, Ophthotech, and Oragenics.

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Welcome to our daily roundup of top insider trades. Here's a look at the most significant inside sales and purchases filed with the SEC on Wednesday, October 2, 2013.

Notable Purchases:

  • The Minneapolis, Minnesota-based investment adviser Whitebox Advisors bought 33,308,716 shares of independent natural gas and oil company Par Petroleum (OTCBB:PARR) for $46,299,116.
  • Novo A/S, the holding company responsible for the Novo Nordisk Foundation's assets, bought 455,000 shares of biopharmaceutical company Ophthotech Corp (NASDAQ:OPHT) for $10,010,000. Ophthotech focuses on the development of therapeutics for the treatment of eye diseases.
  • Biotech investor Randal Kirk bought 2,648,510 shares of oral health technologies company Oragenics (NYSEMKT:OGEN) for $7,945,530.

Notable Sale:

  • QVT Associates GP LLC sold 2,754,900 shares of biopharmaceutical company Achillion Pharmaceuticals (NASDAQ:ACHN) for $9,566,807. This sale follows a 59.13% drop in Achillion's stock price from the close on Friday, September 27 to the close on Monday, September 30. Shares dropped drastically after the FDA decided to keep a clinical hold on the company's lead hepatitis-C drug candidate, sovaprevir, despite it meeting all requirements laid out by the FDA's clinical hold issued three months ago.
Insider Purchases
#: Filer Name Insider Titles Company Name Ticker Trans
Type
Dollar Value
1
BO
JB*
$46,299,116
2
CB,DIR,BO
B
$12,822,764
3
BO
JB*
$10,010,000
4
BO
JB*
$7,945,530
5
DIR,BO
JB*
$2,635,026
6
O
JB*
$2,000,000
7
O
JB*
$1,000,000
8
CEO,DIR,BO
JB*
$750,022
9
BO
B
$654,075
10
DIR,BO
B
$529,536

Insider Sales
#: Filer Name Insider Titles Company Name Ticker Trans
Type
Dollar Value
1
DIR
JS*
$240,355,136
2
O
JS*
$240,355,136
3
BO
JS*
$90,368,728
4
F,DIR,BO
AS
$73,734,824
5
DIR
JS*
$15,600,000
6
BO
S
$11,001,762
7
BO
S
$9,566,807
8
BO
S
$5,454,243
9
BO
S
$5,076,770
10
BO
S
$4,702,246

Source: InsiderInsights.com | Key to Insider Title and Trans Type Codes

An important note from Jonathan Moreland, founder of Insider Insights:

In a victory for common sense, it has been proven profitable -- by both academic studies and (more importantly) the experience of your fellow professional investors -- to monitor the trading behavior of company executives, directors, and large shareholders in the stocks of firms of which they're registered as "insiders."

Please note, however, that the lists above are strictly factual; they are not buy and sell recommendations. Dollar value is only one metric to assess the importance of an insider transaction, and, frankly, often not even the most important metric that determines if an insider transaction is significant.

At InsiderInsights.com, we find new investment ideas just about every day using these and more intricate insider screens to determine where we should focus our subsequent fundamental and technical analysis. And while stocks don't (or shouldn't) move up or down based on insider activity alone, insiders tend to be good indicators of when real stock-moving events like earnings surprises, corporate actions, and new products may be in the offing.

Jonathan Moreland is also the author of "Profit From Legal Insider Trading."
No positions in stocks mentioned.
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