Insider Selling: Array BioPharma Director Unloads 577,286 Shares of Stock (ARRY)
Posted by Stuart Ham on Sep 6th, 2013 // No Comments
Array BioPharma logoArray BioPharma (NASDAQ:ARRY) Director Liam Ratcliffe sold 577,286 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $5.79, for a total transaction of $3,342,485.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
The wall street cheat sheet really hyping this deal. They have the shares sold at 139,572. I agree it is no big deal. Ratliff likely needed some money, has stock options like crazy and holds a considerable quantity even after the sale. Probably needed to refurbish his elk hunting camp.
One day ARRY is going to take off. Will follow SGEN, ISIS and hopefully RGEN.
I have a friend who has owned shares of ISIS for many years, just believing and waiting. Finally, the thing took off. Before hitting it heights (which it may test again soon given recent positive developments), I noticed lots of insider sales (MUCH more than here) and advised caution. I'm glad he didn't sell based on my concerns. The truth is that there are as many reasons for insiders to sell shares as there are insiders. Lots of these folks have much of what they worked for in company stock, and these people need to pay their bills and chase their dreams just like we do. Calm down. The transactions you cite are really relatively modest, and likely mean less to individual investors than you are implying.