If nothing else, the decisions by Zakrzewski, Thero and Gordon to sell Amarin stock at prices ranging from $13 to $14 per share, according to regulatory filings, might set a near-term price ceiling on the stock absent positive news from the NCE status decision expected next month. After all, Amarin insiders believed the company shares were rich enough at $13-14 per share to warrant big sales, so why shouldn't outside investors feel the same way?
This was certainly the case for Vivus, where insiders also sold about $12 million in company stock at prices ranging from $25-28 per share in the month before FDA approved the weight-loss pill Qsymia. Vivus shares closed Monday at $22.28, having fallen about 24% since the approval decision.
Amarin executives Joe Kennedy, Paul Huff and Stuart Sedlack also sold smaller amounts of company stock on July 27, according to regulatory filings.
--Written by Adam Feuerstein in Boston.
>To contact the writer of this article, click here: Adam Feuerstein.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV