Insider Weekends – March 20, 2016-Edition 300

Insider buying more than doubled last week with insiders buying $269.24 million of stock compared to $103.49 million in the week prior. Selling on the other hand decreased with insiders selling $1.33 billion of stock last week compared to $2.15 billion in the week prior.

Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week dropped to 4.93. In other words, insiders sold almost 5 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 20.79. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

Insider Sell Buy Ratio March 18, 2016

Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

Notable Insider Buys:

1. Incyte Corporation (INCY): $65.07

Director Julian Baker acquired 800,000 shares of this drug discovery and development company, paying $63.98 per share for a total amount of $51.18 million. These shares were acquired indirectly through Baker Brothers Life Sciences Capital and other related entities.

You can view the list of recent insider transactions for Incyte Corporation here.

P/E: 2 Forward P/E: 51.24 Industry P/E: 26.02
P/S: 15.66 Price/Book: 68.76 EV/EBITDA: 195.89
Market Cap: $12.18B Avg. Daily Volume: 2,446,020 52 Week Range: $55 – $133.62

2. Seattle Genetics, Inc. (SGEN): $33.92

Director Felix Baker acquired 1,349,237 shares of this biotech company, paying $32.10 per share for a total amount of $43.31 million. These shares were purchased indirectly by Baker Bros. Advisors LP.

This is the fifth week in a row we have seen the Baker Bros add to their position and the total this week exceeds the purchases we saw in each of the prior four weeks.

You can view the list of recent insider transactions for Seattle Genetics, Inc. here.

P/E: N/A Forward P/E: N/A Industry P/E: 26.02
P/S: 13.71 Price/Book: 6.72 EV/EBITDA: -38.49
Market Cap: $4.75B Avg. Daily Volume: 1,359,660 52 Week Range: $26.02 – $52.33

3. OvaScience, Inc. (OVAS): $8.74

Chief Executive Officer Michelle Dipp acquired 221,761 shares of this biotech company, paying $7.68 per share for a total amount of $1.7 million. These shares were purchased indirectly by Longwood Fund III LP.

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Disclosure: Clients of Signal Partners, LLC  and I may have positions in ...

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