undamentalytics Newsletter
Sign in

Parschauer Karah Herdman: insider trades

Officer, Director at 2 companies we cover. No open-market purchases and 18 sales not made under a pre-set plan, reported from August 21, 2018 to March 10, 2026.

What happened after Parschauer Karah Herdman’s sales?

After their sales, the shares moved −43.4% against the index over 12 months on average (a negative figure means selling was the right call); 94% 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 18 −8.5% −14.2% 72% 8 −1.46 0.19 No reliable evidence
Sales, 12 months after the report 16 −43.4% −43.7% 94% 7 −5.15 0.002 Strong evidence: seller right
Sales, 12 months after the trade 16 −42.4% −40.3% 94% 7 −5.02 0.002 Strong 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
Ultragenyx Pharmaceutical Inc. RARE EVP and Chief Legal Officer017August 21, 2018March 10, 2026
Evolus, Inc. EOLS —01March 14, 2025March 14, 2025

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 10, 2026March 6, 2026 RARE Sale $208,312 −4.1%not yetnot yet
March 3, 2026March 2, 2026 RARE Sale $185,478 −7.6%not yetnot yet
September 12, 2025September 12, 2025 RARE Sale $76,366 +21.5%−70.9%−73.4%
March 14, 2025March 12, 2025 EOLS Sale $167,415 −33.3%−82.5%−82.6%
March 4, 2025March 3, 2025 RARE Sale $540,817 −12.9%−64.7%−65.9%
March 3, 2025February 27, 2025 RARE Sale $128,224 −15.1%−67.3%−63.8%
March 5, 2024March 1, 2024 RARE Sale $201,923 −24.4%−38.2%−39.0%
March 3, 2023March 1, 2023 RARE Sale $143,035 +10.1%−11.9%−14.3%
March 8, 2022March 7, 2022 RARE Sale $323,563 −16.1%−34.5%−29.2%
March 3, 2022March 1, 2022 RARE Sale $192,265 −13.4%−25.7%−27.1%
October 18, 2021October 14, 2021 RARE Sale $25,153 −15.1%−34.3%−36.3%
September 9, 2021September 8, 2021 RARE Sale $738,368 −27.8%−45.6%−43.4%
May 10, 2021May 6, 2021 RARE Sale $35,579 −22.6%−48.2%−42.6%
March 3, 2021March 1, 2021 RARE Sale $548,535 −32.0%−63.2%−66.3%
October 16, 2020October 14, 2020 RARE Sale $28,600 +35.5%−48.0%−41.6%
August 19, 2020August 17, 2020 RARE Sale $1,093,884 +23.9%−41.9%−32.1%
May 19, 2020May 18, 2020 RARE Sale $203,388 +10.4%+16.2%+11.6%
August 21, 2018August 21, 2018 RARE Sale $392,650 −30.2%−33.7%−31.9%

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