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Boniuk Milton: insider trades

Director at Nanoviricides, Inc. 16 open-market purchases and no sales not made under a pre-set plan, reported from September 16, 2013 to November 17, 2015.

Would copying Boniuk Milton’s purchases have beaten the S&P 500?

Too few purchases to judge. None of their purchases has 12 months of prices after the report; we judge insiders once they have 20. The figures below can swing a long way on a handful of trades. None of their purchases could be priced, so there is no copy portfolio. None of these trades can be measured yet: either the window after the report has not finished or the share price was under $5 when it was reported.

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 0 — — — — — — Not enough years
Sales, 12 months after the report 0 — — — — — — Not enough years
Sales, 12 months after the trade 0 — — — — — — Not enough years

“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
Nanoviricides, Inc. NNVC —160September 16, 2013November 17, 2015

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
November 17, 2015November 11, 2015 NNVC Purchase $30,000 not yetnot yetnot yet
October 23, 2015October 15, 2015 NNVC Purchase $32,500 not yetnot yetnot yet
September 15, 2015September 11, 2015 NNVC Purchase $51,000 not yetnot yetnot yet
August 27, 2015August 26, 2015 NNVC Purchase $52,500 not yetnot yetnot yet
August 25, 2015August 13, 2015 NNVC Purchase $62,500 not yetnot yetnot yet
July 10, 2015July 8, 2015 NNVC Purchase $79,000 not yetnot yetnot yet
June 25, 2015June 19, 2015 NNVC Purchase $95,000 not yetnot yetnot yet
June 18, 2015June 15, 2015 NNVC Purchase $99,578 not yetnot yetnot yet
May 21, 2015May 19, 2015 NNVC Purchase $80,000 not yetnot yetnot yet
May 12, 2015March 6, 2015 NNVC Purchase $1,045,659 not yetnot yetnot yet
January 8, 2015December 4, 2014 NNVC Purchase $65,000 not yetnot yetnot yet
December 23, 2014December 15, 2014 NNVC Purchase $67,500 not yetnot yetnot yet
December 9, 2014December 4, 2014 NNVC Purchase $152,500 not yetnot yetnot yet
October 20, 2014September 26, 2014 NNVC Purchase $310,613 not yetnot yetnot yet
July 18, 2014July 17, 2014 NNVC Purchase $200,004 not yetnot yetnot yet
September 16, 2013September 12, 2013 NNVC Purchase $2,999,997 not yetnot yetnot yet

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