With the stock market having been battered in recent days and fears that a large correction may be starting to pick up steam becoming more pronounced, investors are now in a position to nab certain stocks at a discount. That has prompted some insider buying in major names like General Electric Company (NYSE:GE), which has lost close to 20% in the last month and 50% in the last year.
We’ll look at the insider trading at that company, as well as the stock purchases made by insiders of Solid Biosciences Inc (NASDAQ:SLDB) and Range Resources Corp. (NYSE:RRC) in recent days in this article.
At Insider Monkey, we track insider trading and hedge fund activity to uncover actionable patterns and profit from them. We track over 600 of the most successful hedge funds ever in our database and identify only their best stock picks. Hedge funds are like many other companies in that they bundle products (in this case, stock picks) together and sell them to customers (investors) as a package deal. That means you get their 73rd-best pick along with their best pick, and who wants to pay exorbitant fees for a fund’s 73rd-best idea when you could instead invest in only their best ideas? Our newest stock picks will be released later this month, which investors can gain access to by becoming a subscriber to Insider Monkey’s premium newsletters.
We start with Range Resources Corp. (NYSE:RRC), where insider Steffen Palko, a Director on the company’s board, purchased 34,000 shares on January 30 at an average cost of $14.72 per share. That purchase lifted Mr. Palko’s ownership of Range Resources stock to 61,267 shares, more than doubling his position.
Range Resources Corp. (NYSE:RRC) shares have not been spared by the market’s brutality in recent days, shedding 24% of their value in the past two weeks and they’re also down by 86% since the summer of 2014. Range Resources continues to focus on strengthening its balance sheet, with a five-year plan recently unveiled that seeks to lower the company’s leverage to less than 2-times its net debt to EBITDAX. However, the company’s 2018 guidance came in below analyst estimates due to conservative spending, which includes plans to shutter the bulk of activity at its once-promising Terryville natural gas complex.
Himanshu H. Shah‘s Shah Capital Management opened a position containing 80,100 shares of Range Resources in the fourth quarter of last year, valued at $1.37 million.
Gene therapy company Solid Biosciences Inc (NASDAQ:SLDB) had its IPO on Friday, January 26 and it’s been an adventurous first week on the market for the company and its early backers, which includes Joseph Edelman‘s Perceptive Advisors.
After jumping to nearly $24 on Monday from an IPO offering price of $16, shares backtracked by 5% on Tuesday after it emerged that a leading scientist in the field of gene therapy, James Wilson, had quit the company’s advisory board and released a paper which detailed how pigs and monkeys given high doses using the company’s AAV gene therapy delivery system went into “toxic crisis”. The company also revealed that a partial clinical hold had been placed on its lead candidate SGT-001 back in November. The 5% decline turned out to be just a minor blip on the stock’s radar however, as shares have jumped by 20% since.
In addition to Perceptive Advisors, two insiders recently added to their big stakes in Solid Biosciences Inc (NASDAQ:SLDB), buying a total of 1.3 million shares at $16 each during the recent public offering. Bain Capital Life Sciences, which is co-managed by Solid Biosciences Director Adam Koppel, purchased 300,000 shares, giving Mr. Koppel indirect ownership of 1.99 million shares. Meanwhile, the RA Capital Healthcare Fund and a separately managed account purchased 1 million shares, giving Director Rajeev Shah, a Portfolio Manager at Peter Kolchinsky‘s RA Capital Management, indirect ownership of 2.69 million shares.
On the next page we’ll look at the insider trading at General Electric Company (NYSE:GE).