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Kuebler Christopher A: insider trades

Director at 2 companies we cover. No open-market purchases and 13 sales not made under a pre-set plan, reported from November 24, 2015 to August 7, 2026.

What happened after Kuebler Christopher A’s sales?

After their sales, the shares moved −12.7% against the index over 12 months on average (a negative figure means selling was the right call); 75% 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 12 −7.9% −4.5% 75% 8 −1.83 0.11 No reliable evidence
Sales, 12 months after the report 12 −12.7% −9.5% 75% 8 −3.07 0.018 Some evidence: seller right
Sales, 12 months after the trade 12 −11.7% −7.0% 75% 8 −2.51 0.041 Some evidence: seller right

“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
Waters Corporation WAT —011November 24, 2015August 7, 2026
Nektar Therapeutics NKTR —02December 7, 2015March 8, 2018

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
August 7, 2026August 6, 2026 WAT Sale $1,442,930 not yetnot yetnot yet
May 16, 2024May 15, 2024 WAT Sale $1,446,560 −10.4%−13.9%−14.6%
August 7, 2023August 4, 2023 WAT Sale $1,165,920 −12.5%−7.6%−4.4%
May 23, 2022May 19, 2022 WAT Sale $1,315,120 −5.7%−25.3%−26.7%
August 19, 2021August 18, 2021 WAT Sale $1,216,860 −21.2%−15.6%−16.2%
November 19, 2018November 16, 2018 WAT Sale $1,597,360 +15.5%−8.8%−6.1%
March 12, 2018March 9, 2018 WAT Sale $1,481,264 −2.7%+10.8%+11.2%
March 9, 2018March 8, 2018 WAT Sale $86,944 −3.3%+10.4%+11.2%
March 8, 2018March 6, 2018 NKTR Sale $3,903,914 −50.2%−68.7%−66.2%
August 9, 2017August 8, 2017 WAT Sale $628,845 +4.9%−10.2%−7.4%
May 5, 2016May 4, 2016 WAT Sale $519,520 +11.8%+11.4%+14.0%
December 7, 2015December 4, 2015 NKTR Sale $237,300 −18.5%−30.4%−28.4%
November 24, 2015November 23, 2015 WAT Sale $532,680 −2.7%−4.0%−6.6%

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 Kuebler Christopher A traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.