Insider Buying Signals, June 15–22, 2026

After last week's $247M surge led by Summit Therapeutics' historic Co-CEO cluster, this week reset sharply: five qualifying open-market purchases totaling roughly $14M, with every tracker campaign from the prior six weeks going silent. The drop in volume is real, but the composition is more varied than the headline suggests — a two-director cluster at an avocado distributor fresh off a transformational acquisition, co-founders buying their own recently-IPO'd construction tech stock into a guidance raise, and RA Capital quietly extending a multi-week biotech accumulation campaign. The noise from three excluded entries (a $25M preferred-unit trade at double the market price, a $6M SPAC placement, and a CEO making paired ADR conversions) is worth understanding in its own right.

Filing lag caveat: Form 4 has a two-business-day filing deadline. Trades executed June 19–22 may not have appeared in OpenInsider at the time of this screen (Monday, June 22 at approximately 1:00 PM ET). A re-check Tuesday or Wednesday is warranted before treating the tracker silence as definitive. 1

All transactions are Form 4 code-P open-market purchases. Data: OpenInsider. 1

Bruce C. Taylor (Director) and Jay A. Pack (Director) at Mission Produce (NASDAQ: AVO), an avocado and fresh produce distributor, bought a combined $8,907,924 across three trades between June 15 and 17. 1

Taylor bought in two installments: 313,590 shares at $11.29 on June 15 ($3,541,926) and 286,410 shares at $11.27 on June 17 ($3,227,841), bringing his stake to 6,691,540 shares. Pack bought 188,550 shares at $11.34 on June 15 ($2,138,157), lifting his position to 1,891,397 shares — an +11% increase in his personal ownership. Both are existing large holders; Taylor now holds over 6.6M shares and Pack over 1.8M. 1

The backdrop is a company at an inflection point. Mission Produce completed its acquisition of Calavo Growers on May 28, paying $14.85 cash plus 0.9790 AVO shares per Calavo share in a transaction worth approximately $483M. 2 The deal, funded in part by a $350M term loan, roughly doubles Mission's scale in North American avocado distribution. The two directors are buying into that integration period — not before it.

Q2 FY2026 earnings (released June 8) showed the cost of the environment: revenue fell 24% year-over-year to $290.9M as avocado per-unit prices dropped 36% even as volumes rose 15%. Net loss was $(7.2)M; adjusted EBITDA was $7.1M. 3 The company guided H2 FY2026 adjusted EBITDA of $84–$88M (including Calavo contribution) and authorized a $100M share repurchase program. CEO John Pawlowski's framing: "This quarter was shaped by high volumes, low prices, strong execution by our sales and operations teams, and unfortunately, margin compression concentrated in April." 3 Pawlowski added that supply conditions have improved and expects pricing and margins to recover in the back half.

The historical context for these two directors is relevant. Both Taylor and Pack sold in September 2024 near the price peak — Taylor Family Investments sold roughly 499,000 shares at $13.08–$13.35, Pack sold roughly 411,000 shares at $13.06–$13.48. 4 They are now buying at $11.27–$11.34, approximately 15% below those exit prices. That sell-high, buy-lower sequence gives the current purchase more signal credibility than a first-time buy would. One counterpoint: Globalharvest Holdings (a 10% owner) spent more than $30M accumulating AVO at roughly $12 per share between November 2025 and March 2026 — and that position is currently underwater at the June 15–17 purchase prices around $11.30. 4 Director-level conviction does not guarantee near-term price recovery; the commodity price cycle does.

AVO closed at $11.49 on June 20, essentially flat from the purchase prices. 5

Track record: Mixed. Taylor and Pack demonstrated timing discipline by selling at $13+ in September 2024 before the stock declined. Their return to buying at $11.27–$11.34 mirrors that sell-high pattern in reverse. Globalharvest's concurrent accumulation at higher prices, now showing a paper loss, is a structural offset.

William J. Schlacks (Co-Founder, President) and Jabbok Schlacks (Co-Founder, CEO) of EquipmentShare.com Inc. (NASDAQ: EQPT, a construction equipment rental and technology platform) each purchased 50,000 shares on June 15, filing on June 17. William paid $21.47 per share ($1,073,500); Jabbok paid $21.12 ($1,056,039). Combined: $2,129,539. Both now hold 14,356,548 shares each — a post-trade figure identical to one another, suggesting a shared or mirrored ownership structure. 1

The purchase timing is notable. EquipmentShare announced on June 16 — one day after these trades — that it was raising its FY2026 revenue guidance to $5,147M and launching a private offering of notes. 6 EQPT closed at $26.32 on June 20, up 10.3% on that day alone and up roughly 17.5% from the co-founders' June 15 purchase price in five trading days. Citizens maintained a Market Outperform rating and $42 price target after the announcements. 6

EquipmentShare completed its IPO in approximately January 2026 and has been building an open-market insider buying pattern since. The record across five insider purchases visible in the OpenInsider 730-day window is entirely buys, no sales: CFO David Marquardt ($105K at $24.50 in January), Director Naveen Bhatia ($242K at $24.22 in May), Director Bryan Hill ($499K at $22.89 in May), and now both co-founders at $21.12–$21.47 in June. 7 The price trend in those purchases — $24.50 → $24.22 → $22.89 → $21.47/$21.12 — shows insiders buying into a declining stock ahead of the guidance raise. The co-founders' purchase on the day before a material corporate announcement raises the standard question about information asymmetry, though Form 4 buying in the two business days before a material disclosure is not per se impermissible — companies typically manage trading blackouts through pre-established policies.

Track record: Unproven — the IPO is less than six months old and no purchase has sufficient history to evaluate 6-month or 12-month returns. The five-day return of +17.5% from the June 15 entry is an early positive data point only.

Gregg Williams, Director and 10% owner of Vivani Medical (NASDAQ: VANI, a drug-device implant developer), purchased 1,587,301 shares at $1.26 on June 15 for $1,999,999 — matching the ~$2M monthly rhythm he has maintained without interruption since November 2024. 1 Post-purchase stake: 40,918,286 shares. 8

Williams has now purchased approximately $38M across roughly 19 monthly tranches at prices ranging from $1.00 to $1.62. The regularity is striking in a way that makes it hard to read as standard conviction buying — the near-exact $2M monthly cadence (with one exception: $6M in October 2025) is more consistent with a programmatic accumulation strategy than a discrete judgment call about each month's price level. That said, no 10b5-1 notation appears in the OpenInsider data for these purchases. 8

The clinical progress justifies the attention. Vivani's lead program is NPM-139, a subcutaneous semaglutide implant — designed to deliver GLP-1 receptor agonist therapy without daily injections. The company's LIBERATE-1 Phase 1 trial was completed successfully, and a second Phase 1 study (clinical designation LIBERATE-2) is expected to commence in the second half of 2026. CEO Adam Mendelsohn presented at the Jefferies Global Healthcare Conference on June 4. 9 VANI's market cap is approximately $103M, making Williams' $38M cumulative spend a meaningful fraction of the entire company's float value.

The price record is sobering. Of the measurable 6-month windows: the November 2024 purchase at $1.26 was worth $1.01 six months later (−20%); the September 2025 purchase at $1.16 was worth $1.07 six months later (−8%); the October 2025 purchase at $1.62 was worth $1.26 six months later (−22%). The November 2025 purchase at $1.14 was worth $1.26 six months later (+11%) — the one window showing a gain. 8 VANI closed at $1.15 on June 20, roughly flat from the $1.26 purchase price.

Track record: Mixed. The discipline is unambiguous; the returns are not. Three of four measurable 6-month windows are underwater. Whether a pending Phase 1 readout changes the equation depends on clinical outcomes, not insider buying patterns.

RA Capital Management (10% owner) purchased 67,669 shares of Hemab Therapeutics Holdings (NASDAQ: COAG) at $24.97 on June 15 for $1,689,818. 1 This is RA Capital's fifth purchase of COAG since initiating a $52.2M opening position on May 4 (2,840,429 shares at $18.39). Total accumulated across seven weeks: approximately $57.1M across 7,808,627 shares. 10

Hemab Therapeutics is a clinical-stage company focused on rare bleeding disorders. Its lead candidate, sutacimig, targets Glanzmann's thrombasthenia — a rare platelet function disorder where standard treatments are limited. In its Phase 2 trial, sutacimig demonstrated an 87% reduction in annualized treated bleed rate. The FDA granted Breakthrough Therapy Designation in March 2026. 11 A pivotal Phase III trial is planned for the second half of 2026, enrolling 75–100 patients. CEO Benny Sorensen said in June: "The data are sufficient to transition to pivotal." 11 HC Wainwright initiated coverage with a Buy rating and $40 price target. Hemab IPO'd in May 2026 at a $347.7M raise (Novo Holdings is a major shareholder) and has cash runway through 2029. 12

The accumulation pattern merits attention on two levels. First, RA Capital's entry at $18.39 on May 4 and persistent additions at $24.75–$24.97 show a fund that is buying into price appreciation rather than dip-buying — the average cost basis across all purchases is approximately $19.50, still well below the June 20 close of $29.24. 12 Second, RA Capital's activity this week extends a broader biotech deployment: in the days just before this week's window, RA Capital also purchased $4.6M of Artiva Biotherapeutics (ARTV) on June 12 — discussed below in the edge-window section. The firm appears to be actively deploying capital across multiple clinical-stage holdings simultaneously.

Track record: Unproven on a 6-month horizon — the position is only 7 weeks old. Early return is positive: initial $18.39 entry vs. $29.24 current price (+59% paper gain). Whether sutacimig's Phase III delivers is the determining variable.

Ng Chen Lok, CEO and 10% owner of Sagtec Global (NASDAQ: SAGT, a micro-cap IT consulting and digital transformation firm based in Malaysia), purchased 1,500,000 shares at $1.04 on June 18 for $1,560,000 — increasing his stake by 22% to 8,452,600 shares. 1

The purchase coincides with a company-issued FY2026 outlook released the same day: revenue projected at $25.8M (+35% year-over-year), gross profit $6.72M (+55%), EBITDA $4.64M (+38%), and net profit $2.19M (+22%). The release noted roughly $3.0M in secured projects and plans to add four Malaya Heritage restaurant outlets in Q3–Q4. 13 The company also confirmed that the CEO is "subscribing for 1.5 million shares via private placement" — identical in size and price to the Form 4 transaction. That language indicates this is a private placement, not an open-market purchase, despite the code-P classification on the Form 4. Code-P designates a direct purchase from the company at a negotiated price, which in this case appears to be coincident with the FY2026 outlook announcement. 13

Countervailing signal: CFO Binti Mohd Adnan Zuria Hajar sold 19,350 shares at $2.73 on April 29, 2026 — a price 162% above the CEO's June 18 buy price. 14 A CFO selling near a high while a CEO buys at the resulting low is a mixed rather than clean insider signal. SAGT's market cap is approximately $20.6M, and the stock closed at $0.99 on June 20, already below the CEO's $1.04 purchase price. 15 Short interest stands at 6.88% of float.

Track record: Unproven. This is the first CEO purchase on record. The CFO's higher-price exit is a structural negative. The private placement context distinguishes this from a discretionary open-market purchase.

Three entries this week passed the dollar threshold but do not qualify as conviction open-market buys after review. 1

KNOP (KNOT Offshore Partners, $25M) — Director Seglem Trygve purchased 1,250,000 Series A Preferred Units at $20.00 on June 15. Two issues disqualify this. First, these are preferred units in a master limited partnership, not common stock; the analysis of ordinary common-stock insider buying signals does not translate directly to structured preferred instruments. Second, and more concerning: KNOP's common units closed at $10.26 on June 20 — nearly half the $20.00 purchase price. 16 A purchase at $20.00 for an instrument linked to a company whose common trades near $10 implies either a separate pricing mechanism for the preferred series or an error in the transaction record. The filing is also marked as an amended filing. 17 Excluded pending clarification.

CAES (Cantor Equity Partners VII, $6M) — Cantor EP Holdings VII, LLC (10% owner) purchased 600,000 shares at $10.00 on June 18, the day after CAES's IPO. Cantor Equity Partners VII is a SPAC — a blank-check company that raised $250M in its June 16–17 IPO at exactly $10.00 per share. 18 The sponsor buying shares at the IPO price in a vehicle it controls is a standard SPAC formation transaction, not a discretionary open-market conviction purchase. Excluded.

BSBR (Banco Santander Brasil, $1.49M) — CEO Mario Roberto Opice Leao filed a Form 4 showing 276,851 shares purchased at $5.38 on June 16. Review of his full filing history reveals that every transaction is a same-day, same-price, same-quantity paired sale and purchase: June 16 (276,851 S + 276,851 P at $5.38), June 11 (148,400 S + P at $5.20), June 8 (75,000 S + P at $5.21), and June 2 (similar pattern). 19 This paired structure is characteristic of ADR conversion mechanics or internal equity restructuring, not open-market buying. All other BSBR executive filings over the same period are net sales. Excluded.

Six qualifying open-market purchases above $1M were filed during the week of June 15–22 but carry trade dates of June 8–14 — just outside the strict tracking window. They appear here for context only; whether they belong in next week's edition depends on how individual readers define "this week."

All trade dates and share counts sourced from OpenInsider Form 4 screener data. 1

FUN (Six Flags Entertainment) — Director Jaffer Rehan's $5.9M purchase brings his position to 4.9M shares. Six Flags, formed from the 2024 merger of Six Flags Entertainment and Cedar Fair, operates 42 amusement parks and resorts across North America. No concurrent material announcement identified within the ±14 day window.

ARTV (Artiva Biotherapeutics) — RA Capital's June 12 purchase of $4.6M at $8.66 is the firm's third consecutive monthly buy in ARTV, complementing its COAG accumulation discussed above. Artiva presented five abstracts at EULAR 2026 showing 71% ACR50 response at 6 months in refractory rheumatoid arthritis — and the FDA granted RMAT designation for AlloNK plus rituximab in refractory RA. 20 ARTV closed at $9.82 on June 20, +13.4% above the June 12 price. The RA Capital thesis across ARTV and COAG simultaneously suggests a fund-level view on the broader cell therapy and rare disease coagulation space, not just company-specific calls.

COE (51Talk Online Education Group) — CEO Jack Huang's June 8 purchase ($4.57M) extends a serial campaign. Since March 26, Huang has made 10 purchases totaling $83.6M across 75 days — an average pace of over $1M per trading day. 21 The stock is down roughly 72% from its 52-week high of $56.13; Huang began buying in the $20–$27 range and has continued as the price has softened toward $15. The pace of conviction is extreme relative to comparable serial campaigns tracked here. COE is a China-based English language education company listed as an ADR; the cross-border nature of the holding adds political and regulatory risk dimensions not present in domestic issuers.

AMR (Alpha Metallurgical Resources) — Director Kenneth Courtis paid $200.73 per share — the highest per-share price among all screened transactions this week — for 10,000 shares totaling $2.01M on June 12. Alpha Metallurgical is a metallurgical coal producer; Courtis is an economist and former Deputy Chief Economist at Deutsche Bank Asia Pacific.

CXT (Crane NXT) — CEO Aaron Saak purchased $1.01M at $42.13 on June 12, alongside a same-day $149K buy by CFO Cristina Cristiano. The CEO+CFO synchrony, even below individual thresholds, is a cleaner signal than a solo purchase — it implies shared access to the same internal information and separate decisions to buy.

All seven high-priority tracker entities from prior weeks went silent this week with no new Form 4 purchases in the June 15–22 window. The nine returning inactive campaigns also showed no resumed activity. 1

Of the nine returning inactive campaigns: AUPH (Aurinia Pharmaceuticals — CEO Kevin Tang $62.3M in 18 months, last buy May 29), TXO (Bob Simpson $65.4M cumulative, last buy Jun 2), NSP (CEO Sarvadi $15.5M across 3 buys, last buy Jun 3), RSG (Cascade Investment/Bill Gates $202.4M in 2 buys, last buy May 14), and others — all remain paused. 29 30

One tracker note worth flagging: SMMT canceled its $500M equity offering on approximately June 16, days after the Co-CEOs' $99.97M cluster purchase. The canceled offering may indicate that management concluded the dilution was unnecessary — whether because insider confidence in the cash position increased, or because market demand was insufficient, is not clear from available public statements. SMMT surged roughly 85% in the week following the June 12 purchases. 31

Hamilton Lane (HLNE) saw a three-person insider buying cluster on June 11 — Exec Co-COB Hartley Rogers ($3.0M at $78.49), Director David Berkman ($1.14M at $76.27), and COO Andrea Kramer ($99K at $77.46) — for a combined $4.25M. 32 Trade dates fall just outside the June 15–22 window but the filings were posted June 15. If Rogers or others buy again in the coming week with June 15+ trade dates, HLNE would join the active tracker list.