Weekly Insider Trading Report

Period: May 17, 2026 - May 24, 2026

Executive Summary

• Trading Activity Overview: A total of 1,061 transactions were reported with 294 buys and 767 sells, resulting in a buy/sell ratio of 0.38, indicating a significant inclination towards selling amidst the insider trading landscape.
• Total Values: The total value of purchases reached $34,234,996.04, while total sales amounted to $2,040,662,914.77, highlighting a stark contrast in the volume of trading activity.
• Dominant Sells: The top sell transaction was by Viessmann Maximilian, Director at CARR, with a staggering sell value of $749,999,974.23, representing a significant liquidity event in the market.
• Market Caution: The high sell volume relative to buys may signal caution among insiders, potentially reflecting underlying concerns about market conditions or company performance.
• Strategic Buying: Notably, several directors engaged in substantial buys, with total values indicating confidence in specific equities despite the overall sell trend.

Top Conviction Buys

Highlighted below are the most significant non-10b5-1 insider purchases during the reporting period, showcasing strategic confidence from insiders:

1. FBIN

   • Insider: Edward P. Garden, Director
   • Transaction: Buy
   • Total Value: $2,002,686.00
   • Shares: 57,400
   • Price: $34.89
   • Trade Date: May 20, 2026

2. BKKT

   • Insider: Michael Alfred, Director
   • Transaction: Buy
   • Total Value: $1,804,000.00
   • Shares: 220,000
   • Price: $8.20
   • Trade Date: May 18, 2026

3. Neuberger Berman Group LLC

   • Transaction: Buy
   • Total Value: $1,600,000.00
   • Shares: 156,862.75
   • Price: $10.20
   • Trade Date: May 20, 2026

4. AAT

   • Insider: Ernest S. Rady, Director
   • Transaction: Buy
   • Total Value: $1,229,435.20
   • Shares: 56,656
   • Price: $21.70
   • Trade Date: May 21, 2026

5. TXO

   • Insider: Bob R. Simpson, Other
   • Transaction: Buy
   • Total Value: $1,203,655.41
   • Shares: 90,152
   • Price: $13.35
   • Trade Date: May 20, 2026

Risk Radar

The following notable sell transactions raised flags regarding market sentiment and potential risk factors:

1. CARR

   • Insider: Maximilian Viessmann, Director
   • Transaction: Sell
   • Total Value: $749,999,974.23
   • Shares: 12,094,823
   • Price: $62.01
   • Trade Date: May 20, 2026 (Repeated transaction)

2. NBIX

   • Insider: Kevin Charles Gorman, Director
   • Transaction: Sell
   • Total Value: $37,824,872.20
   • Shares: 245,088
   • Price: $154.33
   • Trade Date: May 19, 2026

3. BLFS

   • Insider: Casdin Partners Master Fund, L.P., Other
   • Transaction: Sell
   • Total Value: $15,405,000.00
   • Shares: 650,000
   • Price: $23.70
   • Trade Date: May 21, 2026

4. INOD

   • Insider: Jack Abuhoff, Director
   • Transaction: Sell
   • Total Value: $11,552,348.50
   • Shares: 120,967
   • Price: $95.50
   • Trade Date: May 21, 2026

Market Sentiment Analysis

The current market sentiment is characterized by a pronounced sell bias among insiders, as evidenced by the substantial total sell value compared to buys. The buy/sell ratio of 0.38 reflects a cautious outlook, possibly influenced by macroeconomic uncertainties or company-specific challenges. The significant transactions by insiders, particularly in high-value equities, suggest a strategic positioning that could be driven by anticipated market shifts or corporate developments.

Investment Opportunities

Despite the prevailing caution, certain equities present noteworthy investment opportunities based on insider buying trends:

• FBIN and BKKT exhibit strong confidence from insiders, suggesting potential upside as these companies may be undervalued relative to their future prospects.
• AAT and TXO also reflect considerable insider interest, indicating a potential alignment with positive corporate developments.
• Investors should closely monitor these stocks for potential entry points, especially as they may benefit from broader market recoveries or positive earnings reports.

Conclusion

The insider trading landscape for the week reveals a complex interplay of cautious selling coupled with targeted buying in select equities. Investors are advised to remain vigilant and consider both the potential risks and opportunities highlighted in this report as they navigate the current market environment.