Let’s now see what the insider selling activity at Impax Laboratories Inc. (NASDAQ:IPXL) might tell us. The specialty pharmaceutical company had three different insiders sell its stock this week. Mark A. Schlossberg, who has been serving as Senior Vice President, General Counsel and Corporate Secretary at the company since May 2011, reported selling 4,649 shares for $43.41 each on August 27, reducing his stake to 81,045 shares. Peter R. Terreri, one of the company’s directors, also unloaded 4,833 shares on the same day, at a price of $43.93 per share. After selling these shares, Peter Terreri now owns 39,787 shares. Michael Markbreiter, another Director of Impax Laboratories, also offloaded 19,399 shares this week and continues to hold an 8,200 share-stake; it’s worth noting that the director exercised 10,000 stock options to buy the company’s stock. The shares of the pharmaceutical company have gained nearly 39% since the beginning of the year even though the stock suffered a decline over the last few weeks, so the recent sell-offs might suggest that the downtrend is there to last. Impax Laboratories recently posted its financial results for the second quarter, reporting adjusted diluted earnings per share (EPS) of $0.34, compared to EPS of $0.60 reported a year ago. Samuel Isaly’s Orbimed Advisors, a healthcare-focused fund that we track, owns a 6.74 million-share stake in Impax Laboratories Inc. (NASDAQ:IPXL).
Finally, we’ll take a glance at the insider selling activity at Integrated Silicon Solution Inc. (NASDAQ:ISSI). Kong Yeu Han, who has acted as Vice Chairman at the company since May 2005 and as a director since August 2005, sold 24,000 shares from his recently-exercised 60,000 non-qualified stock options. The exercise price of the options was $1.95, while the shares were sold for $21.83 per share. Following the transactions, Kong Yeu Han currently holds a 146,113 share-position. Even though the stock has gained more than 32% since the beginning of 2015, it is highly unlikely that the Vice Chairman sold the shares because of worries that the company’s stock will depreciate. If that was the case, he would have sold all the freshly-exercised stock options. The recent sell-off might be somewhat related to the sale of the company to a consortium of Chinese investors. The shareholders of Integrated Silicon Solution approved a $731 million offer made by the consortium, known as Uphill Investment Co., back in June. It’s worth noting that ISSI also received an unsolicited buyout offer from Cypress Semiconductor Corporation (NASDAQ:CY) recently. Farallon Capital, founded by Thomas Steyer, was among the largest equity holders in ISSI at the end of the second quarter, holding a stake of 1.07 million shares.