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These Insider Sales Could Indicate That The Bull Market Has Run Its Course

Let’s now move on to Frequency Electronics Inc. (NASDAQ:FEIM), which had its current Chairman of the Board sell stock this week. Joseph P. Franklin, who is also a former Chief Executive Officer of Frequency Electronics, reported selling 2,000 shares at prices of $10.26 and $10.10 per share. After the recent transactions, the Chairman possesses 16,870 shares, along with an additional 2,616 shares held indirectly through a Charitable Foundation. A few weeks ago, the provider of precision time and frequency technology posted its earnings report for the first quarter of fiscal 2016. The company reported revenues of $16.7 million, down from $19.7 million reported a year ago. Nevertheless, Frequency Electronics’ net income increased year-over-year to $891,000 from $719,000. The company’s stock performance has not been overly great in 2015, as the shares are 11% in the red year-to-date. Meanwhile, Royce & Associates, founded by Chuck Royce, was bullish on Frequency Electronics Inc. (NASDAQ:FEIM) at the end of the second quarter, as it disclosed having an ownership stake of more than 368,000 shares as of that date in its most recent 13F filing.

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Finally, Corcept Therapeutics Incorporated (NASDAQ:CORT)’s Vice President of Commercial Operations, Steven Lo, unloaded 50,000 shares at a weighted average sale price of $3.76. The executive currently holds 58,333 shares valued at approximately $217,000. A little more than a week ago, the pharmaceutical company announced that Robert S. Fisherman was appointed Chief Medical Officer, with him anticipated to assist Corcept in developing its cortisol modulation platform and other products. Corcept Therapeutics is engaged in the development of drugs for the treatment of severe metabolic, oncologic, and psychiatric disorders, and is currently working on numerous key projects. To be more specific, its lead next-generation cortisol modulator is close to entering several Phase 2 studies, which means that the company is slowly moving towards bringing its candidates to the market. Let’s not forget to mention that the shares of the pharmaceutical company have advanced by 25% year-to-date, so the executive might be fearing a continued selloff of pharma and biotech stocks. Jim Simons’ Renaissance Technologies significantly boosted its position in Corcept Therapeutics Incorporated (NASDAQ:CORT) during the second quarter, to slightly over 501,000 shares.

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