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Kuch John J: insider trades

Chief financial officer, Officer at Xencor Inc. No open-market purchases and 13 sales not made under a pre-set plan, reported from June 12, 2015 to March 12, 2024.

What happened after Kuch John J’s sales?

After their sales, the shares moved −21.7% against the index over 12 months on average (a negative figure means selling was the right call); 69% 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 13 −11.5% −17.6% 85% 8 −1.31 0.23 No reliable evidence
Sales, 12 months after the report 13 −21.7% −25.7% 69% 8 −1.73 0.13 No reliable evidence
Sales, 12 months after the trade 13 −22.6% −30.9% 69% 8 −1.93 0.095 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
Xencor Inc XNCR SR. VICE PRESIDENT & CFO013June 12, 2015March 12, 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
March 12, 2024March 11, 2024 XNCR Sale $19,952 −11.0%−55.8%−53.6%
March 7, 2024March 5, 2024 XNCR Sale $104,826 −15.0%−56.5%−54.3%
March 13, 2023March 9, 2023 XNCR Sale $21,245 −15.7%−55.5%−54.1%
March 8, 2023March 6, 2023 XNCR Sale $87,159 −17.5%−54.1%−53.2%
March 6, 2023March 3, 2023 XNCR Sale $28,985 −19.7%−53.8%−55.8%
March 10, 2022March 9, 2022 XNCR Sale $19,962 −18.4%+8.1%+1.7%
March 7, 2022March 3, 2022 XNCR Sale $28,994 −23.6%+7.8%+11.9%
August 22, 2019August 21, 2019 XNCR Sale $1,650,800 −4.4%−25.7%−33.2%
June 15, 2018June 13, 2018 XNCR Sale $1,041,000 +10.0%−20.3%−30.8%
March 17, 2017March 16, 2017 XNCR Sale $366,300 −20.6%+15.7%+10.8%
August 25, 2016August 24, 2016 XNCR Sale $548,813 +24.1%−16.1%−17.7%
December 21, 2015December 17, 2015 XNCR Sale $71,189 −19.7%+56.5%+62.7%
June 12, 2015June 12, 2015 XNCR Sale $169,429 −18.1%−32.9%−28.6%

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