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Ciruzzi Vincent: insider trades

Officer at Alexandria Real Estate Equities. No open-market purchases and 11 sales not made under a pre-set plan, reported from February 12, 2019 to September 17, 2024.

What happened after Ciruzzi Vincent’s sales?

After their sales, the shares moved −16.0% against the index over 12 months on average (a negative figure means selling was the right call); 82% trailed it.

With 296 insiders tested, some will look skilled or unskilled by chance alone: when we replaced each insider’s stocks with random companies bought on the same days, about 5.7 cleared the bar ahead and 23.3 behind. One record on its own proves little.

Trade by trade

MeasuredTrades countedAverage vs S&P 500MedianWent the right wayYearst-statisticp-valueEvidence
Purchases, 3 months after the report 0 — — — — — — Not enough years
Purchases, 6 months after the report 0 — — — — — — Not enough years
Purchases, 12 months after the report 0 — — — — — — Not enough years
Purchases, 12 months after the trade 0 — — — — — — Not enough years
Sales, 3 months after the report 11 −6.5% −4.5% 82% 5 −1.61 0.18 No reliable evidence
Sales, 12 months after the report 11 −16.0% −13.3% 82% 5 −2.16 0.097 No reliable evidence
Sales, 12 months after the trade 11 −16.1% −13.0% 82% 5 −2.17 0.096 No reliable evidence

“Average vs S&P 500” is the stock’s return including dividends minus the index’s over the same dates, from the close on the first trading day after the report, or from the close on the trade date. Only windows that have finished are counted. For sales, a negative figure means the stock lagged after it was sold, so selling was the right call (green). “Went the right way” is the share of purchases that beat the index, or of sales that trailed it. The t-statistic uses one average per year of reports, because one person’s trades bunch into the same stock and weeks, and needs trades in at least four different years; the p-value comes from the t distribution with that number of years (with four years, a t of 2 has p = 0.14). “Some evidence” means p under 5%, “strong evidence” p under 1% over at least six years.

Companies traded

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
Alexandria Real Estate Equities ARE Chief Development Officer011February 12, 2019September 17, 2024

Trades and what followed

Moves are against the S&P 500; green means the trade went the insider’s way.

ReportedTradedCompanyTradeValue3 months after report12 months after report12 months after trade
September 17, 2024September 13, 2024 ARE Sale $855,756 −24.5%−47.2%−46.3%
December 19, 2022December 15, 2022 ARE Sale $1,055,001 −22.9%−33.3%−34.0%
August 15, 2022August 11, 2022 ARE Sale $338,345 −5.7%−32.9%−33.9%
February 23, 2022February 18, 2022 ARE Sale $667,148 −8.3%−12.2%−6.7%
August 3, 2021July 30, 2021 ARE Sale $1,216,014 −4.5%−15.5%−11.3%
May 3, 2021April 29, 2021 ARE Sale $334,227 +7.5%+0.6%+5.2%
August 4, 2020July 31, 2020 ARE Sale $2,092,263 −11.8%−13.3%−18.7%
June 9, 2020June 5, 2020 ARE Sale $355,770 −3.2%−9.0%−13.0%
February 20, 2020February 18, 2020 ARE Sale $694,800 −1.7%−16.9%−18.6%
September 12, 2019September 10, 2019 ARE Sale $897,070 −1.6%−3.7%−5.9%
February 12, 2019February 8, 2019 ARE Sale $874,435 +4.8%+7.7%+6.3%

Open-market purchases and sales of at least $10,000 in companies we cover, from SEC Form 4 filings; sales made under a pre-set Rule 10b5-1 plan are not shown. “Not yet” means the window has not finished or the share price was under $5 at entry. These are the shares’ moves after each trade: they say nothing about why Ciruzzi Vincent traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.