undamentalytics Newsletter
Sign in

Czernik Marcin: insider trades

10% owner at Karyopharm Therapeutics Inc. No open-market purchases and 16 sales not made under a pre-set plan, reported from August 1, 2014 to March 4, 2019.

What happened after Czernik Marcin’s sales?

After their sales, the shares moved −53.0% against the index over 12 months on average (a negative figure means selling was the right call); 100% 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 15 −10.4% −4.8% 60% 3 — — Not enough years
Sales, 12 months after the report 15 −53.0% −59.7% 100% 3 — — Not enough years
Sales, 12 months after the trade 15 −53.1% −59.7% 93% 3 — — 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
Karyopharm Therapeutics Inc. KPTI —016August 1, 2014March 4, 2019

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
March 4, 2019February 28, 2019 KPTI Sale $619,443 not yetnot yetnot yet
September 7, 2018September 5, 2018 KPTI Sale $3,468,096 −39.8%−52.4%−59.5%
August 9, 2018August 7, 2018 KPTI Sale $1,498,249 −35.6%−56.4%−55.2%
July 18, 2018July 16, 2018 KPTI Sale $925,953 −33.9%−65.1%−65.7%
June 15, 2016June 13, 2016 KPTI Sale $60,200 +9.2%−6.8%−11.2%
June 1, 2016May 27, 2016 KPTI Sale $717,703 −1.0%−26.6%−30.4%
May 19, 2016May 17, 2016 KPTI Sale $519,970 −12.8%−5.1%+2.7%
November 25, 2014November 21, 2014 KPTI Sale $10,293,589 −37.5%−58.2%−59.7%
November 20, 2014November 18, 2014 KPTI Sale $2,645,080 −35.1%−59.7%−62.1%
September 30, 2014September 26, 2014 KPTI Sale $2,127,096 +8.5%−67.4%−69.9%
September 19, 2014September 17, 2014 KPTI Sale $496,812 −4.8%−63.8%−62.8%
September 10, 2014September 8, 2014 KPTI Sale $1,423,787 −10.4%−63.6%−64.2%
August 18, 2014August 14, 2014 KPTI Sale $313,957 +5.2%−71.0%−77.3%
August 13, 2014August 11, 2014 KPTI Sale $1,379,317 +7.6%−77.3%−74.3%
August 7, 2014July 30, 2014 KPTI Sale $1,540,190 +11.9%−73.3%−53.3%
August 1, 2014July 30, 2014 KPTI Sale $780,834 +12.6%−48.3%−53.3%

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