Nothing much to write about regarding notable insider buys; there wasn’t much of note. But that Doesn’t mean there isn’t great profit making opportunities.
C Level officers, directors and 10% or more shareholders are the insiders that are required to file Form 4 within 48 hours. The quarterly earnings blackout period has prevented some insiders from buying last week but it didn’t prevent insiders at EchoStar, SATS, from unloading over $25 million of their stock now that Elon Musk put a bid on the table for Dish’s wireless spectrum that caused SATS to go from$28 to Friday’s closing price of $74.89, just a mere 166% increase in value.
If you ignore insider buying, well you just missed the biggest stock market gift you’ll likely get in any nine month period. It was only back in December that Charlie Ergen, founder of Dish and wireless spectrum speculator, (now legendary) added $43.5 million shares of SATS on the open market at $28.04 . At the time it was reported he owned holdings of 16,042,800 shares. You might ask yourself as a DIY investor, how do I get in on this? You might ask your financial advisor or hedge fund manager where were you when Charlie loaded up.
Well, you guessed it- they were not paying attention to insider buying.
Listen to our The Insiders Fund Not So Daily Podcast and Follow us on X for real-time commentary and insider buying alerts
If you are a QUALIFIED INVESTOR and are interested in learning how you can be part of the Insiders Fund, schedule some time with me here.
This blog is solely for educational purposes and the author’s own amusement. IT IS NOT INVESTMENT ADVICE. Think of the blog as part of my personal investment journal that I am willing to share with the DIY investor. There are also many parts that I am not willing to share if I think it could influence trading action or be detrimental to the Fund’s partners. We could be long, short, or have no position at all in any of the stocks mentioned and express no written or implied obligation to disclose any of that. Nothing contained here constitutes a recommendation to buy or sell any security. Investing involves risk, including the possible loss of principal, and past performance is not indicative of future results.
“The insomniac hedge fund guy” is a moniker Harvey Sax, the portfolio manager for The Insiders Fund” has used from time to time on email, blog ,and social media posts. While Mr. Sax is the portfolio manager of The Insiders Fund, these posts are not communications from, nor endorsed by, Alpha Wealth Funds, LLC or any of its managed funds. References to Alpha Wealth Funds or its affiliates are for identification only and do not imply sponsorship or approval.”
Name: David Blair Kirk
Position: Director
Transaction Date: 09-09-2025 Shares Bought: 3,400 shares an Average Price Paid of $254.66 for Cost: $865,827
Company: Salesforce Inc. (CRM):
Salesforce, Inc. is a global leader in customer relationship management technology, helping businesses connect with customers across industries and regions. Its portfolio includes Agentforce, a platform for AI-powered agents; Data Cloud, a real-time data engine; and Industries AI, which delivers tailored AI solutions for specific sectors. Additional offerings include Salesforce Starter for SMBs, Slack for workplace collaboration, and Tableau for advanced analytics with AI-driven insights. The company also provides tools for integration, observability, marketing, commerce, and field service management. Founded in 1999, Salesforce is headquartered in San Francisco, California.
David Blair Kirk has served as a Director on the Board of Salesforce since July 2025. An accomplished computer scientist and inventor, he brings decades of technical leadership in graphics, artificial intelligence, and healthcare technology. Prior to his current advisory and venture partner roles, Kirk was Chief Scientist and senior technical leader at a leading GPU company, where he advanced innovations in parallel computing and high-performance graphics. His career also includes engineering, research, and startup advisory positions, with a focus on emerging technologies. Kirk holds bachelor’s and master’s degrees in mechanical engineering from the Massachusetts Institute of Technology and master’s and doctoral degrees in computer science from the California Institute of Technology. His expertise spans parallel programming, robotics, and computer science education, complementing his board and advisory work.
Opinion:
Salesforce (CRM) remains one of the most defensible SaaS / cloud businesses in enterprise software, with subscription & support revenues making up ~95% of its business and very high remaining performance obligations, reflecting strong recurring revenue. Its 5-year revenue growth has been robust (~9-11% YoY in recent years), though it’s entering a phase of moderately slowing growth — fiscal 2026 guidance projects growth of ~7-8%. The company’s recent push into AI, especially via its Data Cloud and new “Agentforce” agents, has generated enthusiasm, but these are still early in monetization.
Profitability is solid on a non-GAAP basis, with operating margins in the low 30s and free cash flow growth helping support valuation. Analysts have responded positively to the AI momentum and raised price targets, though forecasts that undershot expectations have also caused stock drops. Though I did not find strong recent insider buying, the product momentum and solid financial base are seen as positives.
Key risks: growth deceleration, competitive pressure (especially from AI rivals), and execution risk in new product lines. Because of these, investors should demand a margin of safety. Based on its fundamentals, a DCF suggests the stock may have upside in the $350-$450 range (depending on optimistic or conservative assumptions), but current multiples likely already reflect many of the easy wins; value lies in what Salesforce does in the AI/data space and how well execution holds. It seems the latest director added to the Board, David Kirk, fits right into the plan of doubling down on AI.
Name: Damien McDonald
Position: Chief Executive Officer
Transaction Date: 09-11-2025 Shares Bought: 6,457 shares an Average Price Paid of $30.97 for Cost: $199,973
Company: Enovis Corp (ENOV):
Enovis Corporation is a leading medical technology company focused on delivering clinically differentiated products that enhance patient outcomes and transform healthcare practices. The company designs, manufactures, and distributes a comprehensive portfolio of medical solutions for reconstructive surgery, rehabilitation, pain management, and physical therapy. Its offerings support the entire continuum of care—from injury prevention to post-surgical recovery and management of degenerative conditions—helping patients restore and maintain natural motion. Enovis applies its Growth eXcellence business system to accelerate innovation, improve patient care, and drive sustainable growth.
Damien McDonald became Chief Executive Officer of Enovis Corporation in May 2025 and subsequently joined the company’s Board of Directors. He brings over 30 years of experience in the medical device industry, having held senior leadership roles at LivaNova, Danaher, Zimmer, and Johnson & Johnson’s Ethicon division. Prior to Enovis, he served as CEO of LivaNova, where he successfully advanced growth, profitability, and shareholder value. McDonald earned dual bachelor’s degrees in pharmacy and economics from the University of Queensland in Australia, as well as a master’s degree in International Economics and an MBA.
Opinion:
Enovis (ENOV) is showing signs of coming of age: solid 7% YoY revenue growth in Q2 2025 (5% organic), led by strong performance in its Reconstructive segment (~11% reported, ~8% organic), along with modest but stable growth in Prevention & Recovery. The company continues to raise its full year 2025 guidance across revenue, adjusted EBITDA, and EPS, evidence of confidence. On the non-GAAP front, margins are improving; adjusted EBITDA margin ~17.2%, adjusted EPS up ~30-40% YoY in recent quarters.
However, Enovis still posts GAAP net losses, in part due to legacy or non-cash charges. Investor returns will depend heavily on its ability to maintain margin expansion, navigate execution risk on new implants/products, and lessen the impact of non-cash or non-core charges. The elevated short interest (≈11-12%) suggests many are skeptical, perhaps due to past losses or volatile earnings.
In a base case scenario with successful execution, ENOV may be undervalued relative to its peers in the orthopedic / medical device space, possibly offering upside if its innovation pipeline delivers. But it’s not without material risks—product, regulatory, reimbursement, and execution are key.
Name: Mahkam Zanganeh
Position: Co-Chief Executive Officer, 10% Owner
Transaction Date: 09-10-2025 Shares Bought: 338,394 shares an Average Price Paid of $17.69 for Cost: $5,984,756
Name: Robert W. Duggan
Position: Co-Chief Executive Officer, 10% Owner
Transaction Date: 09-10-2025 Shares Bought: 338,394 shares an Average Price Paid of $17.69 for Cost: $5,984,756
Company: Summit Therapeutics Inc. (SMMT):
Summit Therapeutics Inc. is a biopharmaceutical company focused on the research, development, and commercialization of innovative therapies designed to benefit patients, physicians, caregivers, and society at large. Its lead development candidate, ivonescimab, is a bispecific antibody immunotherapy that simultaneously blocks PD-1 and inhibits angiogenesis. Ivonescimab is currently in Phase III clinical trials for the treatment of non-small cell lung cancer. Founded in 2003, Summit is headquartered in Miami, Florida.
Mahkam Maky Zanganeh serves as Co-Chief Executive Officer and President of Summit Therapeutics, having originally joined the company as Chief Operating Officer in November 2020. She was elevated to her current role in mid-2022. Zanganeh brings extensive leadership experience from her tenure at Pharmacyclics, where she held senior positions including Chief Operating Officer and was deeply engaged in clinical development, regulatory affairs, research, and commercial operations. She also played a key role in managing the company’s acquisition before founding her own consultancy firm. Zanganeh holds an MBA from Schiller International University and a Doctor of Dental Surgery degree from the University of Strasbourg.
Robert W. Duggan is Chairman and Co-Chief Executive Officer of Summit Therapeutics, having been appointed CEO in April 2020 after joining the company’s Board of Directors in December 2019. He is also the head of Duggan Investments, which he founded in 2015 to focus on innovative, patient-friendly medical solutions. Duggan previously served as Chairman and CEO of Pharmacyclics, Inc., where he guided the company to become a leader in oncology treatments, and as Chairman and CEO of Computer Motion, Inc., a pioneer in robotic-assisted surgery. His educational background includes studies in economics at the University of California, Santa Barbara, and in business management and corporate finance at UCLA, following his graduation from St. Francis High School in Mountain View, California.
Opinion:
Summit Therapeutics (SMMT) is a high-risk / high-reward biotech play centered on ivonescimab, a bispecific PD-1/VEGF antibody in late-stage trials for non-small cell lung cancer. Its recent Phase III HARMONi trial delivered a strong improvement in progression-free survival (PFS), but missed statistical significance in overall survival (OS)—a key endpoint for regulatory approval and commercial value. While that is a setback, investor interest remains because OS showed a favorable trend and the unmet need in the target patient populations is large.
Financially, the company is loss-making, with large operating and R&D expenses (non-GAAP and especially GAAP including stock-based comp), though it has a decent cash cushion and no debt, which gives it some runway. The business has no commercial revenue yet; everything depends on trial readouts and eventual approval or partnership/licensing. Recent news—licensing talks with AstraZeneca priced up to $15B, strong PFS data, but disappointment over OS—has caused volatile stock behavior.
SMMT is of interest for investors who are comfortable with biotech binary risk: big upside if ivonescimab clears regulatory and survival thresholds; severe downside if it fails. The current valuation likely incorporates optimism but may overestimate regulatory ease and commercial execution. If I were investing, I’d demand either strong backup OS data (from HARMONi-3 or HARMONi-7) or a favorable licensing deal to justify entering.
Name: Thomas L. Carter Jr.
Position: CEO, President, and Chairman
Transaction Date: 09-08-2025 Shares Bought: 25,370 shares an Average Price Paid of $12.08 for Cost: $306,501
Company: Black Stone Minerals L.P. (BSM):
Black Stone Minerals, L.P. is one of the largest owners and managers of oil and natural gas mineral interests in the United States, with extensive holdings across many of the nation’s most prolific producing basins. The partnership generates revenue primarily by leasing its mineral assets to exploration and production companies and collecting royalty payments from the resulting oil and gas production.
Thomas L. Carter Jr. has served as Chairman and Chief Executive Officer of the General Partner of Black Stone Minerals, L.P. since November 2014, while also holding the role of President from the company’s inception until June 2018 and again from February 2023. He founded the predecessor to Black Stone Minerals in 1998, following the establishment of the first Black Stone Energy Company in 1980. Earlier in his career, Mr. Carter worked as a loan officer in the Energy Department of Texas Commerce Bank from 1978 to 1980. He earned both his B.B.A. and M.B.A. degrees from the University of Texas at Austin.
Opinion: Black Stone Minerals (BSM) is a capital-light royalty & mineral owner with a large, diversified acreage base across premier U.S. basins. Its cash flow profile behaves like a high-yield distribution business: high margins, low capex, but material sensitivity to commodity prices and operator activity. Over the last five years revenue growth has been modest (~5% CAGR); the company doesn’t report recurring-revenue metrics the way software firms do, but its quarterly distributions are the operational analog. Recently CEO Thomas L. Carter Jr. has been buying units (multiple purchases in Aug–Sep-2025), signaling management conviction—likely driven by attractive yield and confidence in production fundamentals. Short interest is low (~1.6–1.7% of float), and the market’s view appears mixed: high current yield vs. commodity dependence. A conservative distribution-based DCF (assumes $1.50 annual distribution, 3% growth for five years, 2% terminal growth, 9% discount) produces a theoretical intrinsic value of ≈ $22.8/unit, well above trading levels — but this result is highly sensitive to growth and discount assumptions and rests on distribution stability. Upside exists for income-oriented investors who accept commodity cyclicality; downside risk centers on sustained commodity weakness, operator slowdowns, or distribution cuts. If you want, I’ll (a) run a sensitivity table (DCF at multiple discount rates / growth rates), (b) compare BSM vs other royalty peers (e.g., SM, RNO), or (c) model distribution sustainability under different oil price scenarios.
Listen to our The Insiders Fund Not So Daily Podcast and Follow us on Twitter for real-time commentary and insider buying alerts at https://twitter.com/theinsidersfund
If you are a QUALIFIED INVESTOR and are interested in learning how you can be part of the Insiders Fund, schedule some time with me here.
This blog is solely for educational purposes and the author’s own amusement. IT IS NOT INVESTMENT ADVICE. Think of the blog as part of my personal investment journal that I am willing to share with the DIY investor. There are also many parts that I am not willing to share if I think it could influence trading action or be detrimental to the Fund’s partners. We could be long, short, or have no position at all in any of the stocks mentioned and express no written or implied obligation to disclose any of that. Nothing contained here constitutes a recommendation to buy or sell any security. Investing involves risk, including the possible loss of principal, and past performance is not indicative of future results.
“The insomniac hedge fund guy” is a moniker Harvey Sax, the portfolio manager for The Insiders Fund” has used from time to time on email, blog ,and social media posts. While Mr. Sax is the portfolio manager of The Insiders Fund, these posts are not communications from, nor endorsed by, Alpha Wealth Funds, LLC or any of its managed funds. References to Alpha Wealth Funds or its affiliates are for identification only and do not imply sponsorship or approval.”
The Insiders Fund and its blogs and posts are not affiliated with, endorsed by, or sponsored by any of the companies mentioned herein. All company names, logos, and trademarks belong to their respective owners. The use of company logos is solely for descriptive and illustrative purposes under fair use. Any information provided is based on publicly available data and should not be considered financial, investment, or legal advice. Readers should conduct their own research or consult with a professional before making any investment decisions.
Insiders sell the stock for many reasons, but they generally buy for just one – to make money. You’ve always heard the best information is inside information. Everyone with any stock market experience pays close attention to what insiders are doing. After all, who knows a business better than the people running it? Officers, directors, and 10% owners are required to inform the public through a Form 4 Filing of any transaction, buy, sell, exercise, or any other within 48 hours of doing so. This info is available for free from the SEC’s Web site, Edgar, although we subscribe to SECForm4 as they provide a way to manage and make sense of the vast realms of data. I’ve tried a lot of vendors. SECForm4 is one of the smaller ones, but I like supporting Frank. He is not arrogant. He’s helpful and has great prices. He also trades on his own data, so I like people that eat what they kill.
The bar is different from selling because the natural state of management is to be a seller. This is because most companies provide significant amounts of management compensation packages as stock and options. Therefore, we analyze unusual patterns with selling, such as insiders selling 25 percent or more of their holdings or multiple insiders selling near 52-week lows. Another red flag is large planned sale programs that start without warning. Unfortunately, the public information disclosure requirements about these programs, referred to as Rule 10b5-1, are horrendously poor. Also, planned sales that pop up out of nowhere are basically sales and are seeking cover under this corporate welfare loophole. I also generally ignore 10 percent shareholders as they tend to be OPM (other people’s money) and perhaps not the smart money on which we are trying to read the tea leaves. I say generally because some 10% shareholders are great investors. Think Warren Buffett and others
Of course, insiders can also be wrong about their Company’s prospects. Don’t let anyone fool you into believing they never make mistakes. Do your own analysis. They can easily be wrong, and in many cases, maybe most cases, have no more idea what the future may hold than you or me. In short, you can lose money following them. We have, and we curse aloud; what were they thinking!
We like Fly on the Wall for keeping up with what events might be happening, analysts’ comments, and whatever else could be moving the stock. Dow Jones news service is an essential tool, but many services pick up their feed like they do Bloomberg. For quick financial analysis, it’s hard to beat Old School Value.
A big callout to my assistant Ambreen who sets up this conversation by listing the notable buys that I’ve identified as soon as practically possible. She probes the 10k for a reasonable description of the business. I’ve found that to be the most accurate and succinct place to find out what a business actually does. When I have time, over the weekend, I’ll add some preliminary analysis to the Opinion at the end. Sometimes I won’t update this for a couple of weeks or more. A good way to use this blog is as I do, it’s a reference point and filing cabinet for various stocks with notable insider buying. It’s one of many tools I use. I regularly live on Chat GPT, Gemini, Claude, and occasionally Microsoft Copilot. I find the footnotes research very helpful in eliminating errors from AI hallucinations but these opinions are likely to contain inaccuracies due to the nature of the LLM’s.
The Insiders Fund is for qualified investors and by Prospectus only. Nothing herein should be construed otherwise. THE INSIDERS FUND prefers to invest in companies at or near prices that management has been willing to invest significant amounts of their own money in, but we have no requirement to do so. We also invest in many companies in anticipation of future insider buying or with the expectation that there is none at all.
You can be an insider, too– by clicking here
Prosperous Trading,
