Insiders Keep Buying Bios

Every weekend, I dig into our insider activity tracker looking for the biggest conviction buys — and this week, biotech is stealing the spotlight with some heavyweight investors stepping in.

Here’s the most notable activity:

We’ll start with Madrigal Pharmaceuticals $MDGL, where Baker Bros Advisors just added a massive $61.9 million to an already significant stake. 

The Bakers are as sharp as it gets when it comes to biotech — and they’re boosting their investment in one of the best-looking names in the space. 

We actually did a deep dive into the Baker’s portfolio recently, highlighting key levels and trade ideas on some of their names, including MDGL. Click here to read it.

Next up is ATAI Life Sciences $ATAI, with Apeiron Investment Group stepping in for $19 million. 

That’s serious conviction in a small-cap biotech… not to mention, one that’s completing a textbook bearish-to-bullish reversal. We’re buying this one. Read more below. 

Sticking with biotech, Kodiak Sciences $KOD saw Steve Cohen’s Point72 disclose a fresh 5.5% stake. 

When a hedge fund of that caliber makes its presence public information, it puts a spotlight on the name and raises the stakes for the next move.

Over in energy, Energy Transfer $ET Founder and former CEO Kelcy Warren put down $34.7 million. He’s a serial inside buyer, but it’s still one of the biggest individual buys we’ve seen this summer.

Meanwhile, there were some notable moves in tech and retail. 

Core Scientific $CORZ had Situational Awareness LP increase their stake from 2% to nearly 6%, while Newegg $NEGG insider Vladimir Galkin scooped up another $1.1 million worth of stock. He’s been killing it, buying strength in this high-flier all summer long. 

Last but not least, we have Resideo Technologies $REZI, where CD&R Investment Associates dropped a staggering $42.6 million. 

The stock is breaking out to new all-time highs, pushing through a shelf of former highs and its 2020 IPO price.

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