Kodiak Sciences and GameStop Lead Six Companies, $199.02M of Insider Buys
Six companies cleared the September 28–October 2 screen with $199,024,139 of officer and director purchases above $1 million, led by a $156.99 million purchase by Kodiak Sciences director Felix Baker's fund and Ryan Cohen's fourth GameStop purchase in a month, after an Adarx IPO allocation and an off-market Hyperscale Data price were set aside.
The screen retained six qualifying insider purchases across six companies in the September 28–October 2, 2026 trade-date window, worth $199,024,139. One buyer accounts for 79% of that: Baker Bros. Advisors LP, the investment firm whose co-founder Felix J. Baker has been a Kodiak Sciences director since 2015, spent $156,986,394 on Kodiak shares across the session of the company's Phase 3 readout and the one after it. GameStop president and chief executive Ryan Cohen added $27,648,066 over two days, with a director buying alongside him. The window covers Form 4 filings posted through 8:00 a.m. Eastern on October 5, 2026, and takes October 2 as its last trade date. 1
Two large screen hits came out before ranking. ADARx Pharmaceuticals priced its initial public offering at $17.00 a share on September 28, and the filings that day report 2,611,516 distinct shares bought at exactly that price, $44,395,772, by OrbiMed Advisors and its board designee Carl L. Gordon, by SR One Capital Management and its managing member George Simeon, and by director Erez Chimovits; OrbiMed's own footnote says the shares were purchased in the offering. 23 Hyperscale Data executive chairman Milton C. Ault III reported 10,000,000 Class A shares at $0.50 on September 30, three times the $0.1645 close for that session, alongside two purchases in line with the market at $0.16. 45
Every mark below measures one thing: the gap between a reported entry price and the October 2 closing price, on shares the insider still holds.
The comparison
| Issuer and eligible buyer | Trade date(s) | Shares and execution price | Reported purchase value | Filing shape | Oct. 2 close vs. entry |
|---|---|---|---|---|---|
| Kodiak Sciences (KOD), Baker Bros. Advisors LP, adviser to funds co-founded by director Felix J. Baker | Sept. 28–29 | 1,941,755 at $80.85 | $156,986,394 | Largest purchase of the week; 51 earlier purchase days in the record | $94.45; +16.8% 67 |
| GameStop (GME), Ryan Cohen, president, chief executive and chairman | Sept. 29 and Oct. 2 | 1,150,000 at $24.0418 | $27,648,066 | Cluster; tenth and eleventh purchase days since December 2020 | $24.70; +2.7% 89 |
| Pampa Energía (PAM), Damián Miguel Mindlin, vice president | Sept. 28 | 1,417,197 ordinary shares at $3.105 plus 15,000 ADS at $77.628 | $5,564,817 | First purchase in the record, which starts March 2026 | $76.39; −1.6% 1011 |
| Nayax (NYAX), Yair Nechmad, chief executive, co-founder and chairman | Sept. 28–30 | 91,083 at $46.3284 | $4,219,662 | Third and fourth purchase days in two weeks | $49.00; +5.8% 1213 |
| Oracle (ORCL), Stephen H. Rusckowski, director | Sept. 29 | 25,000 at $139.352 | $3,483,800 | First Oracle purchase in the record | $142.30; +2.1% 1415 |
| Xenon Pharmaceuticals (XENE), Ian Mortimer, president and chief executive | Sept. 30 | 30,000 at $37.38 | $1,121,400 | Cluster; first purchase since August 2017 | $38.02; +1.7% 1617 |
1. Kodiak Sciences (KOD)
Transactions. Baker Bros. Advisors LP bought 1,941,755 common shares on September 28 and 29 at a weighted average of $80.85, with individual trades running from $61.21 to $89.86, for $156,986,394 across three Form 4 filings. 61819 The buying ran through 667, L.P. and Baker Brothers Life Sciences LP, the funds the firm advises, and lifted their combined holding to 20,192,214 shares. 18 Felix J. Baker, the firm's co-founder, has served as a Kodiak director since September 2015. 20
Company context. Kodiak develops antibody biopolymer conjugates for retinal disease, and on September 28 it reported that the Phase 3 DAYBREAK study met its primary endpoints for both Zenkuda (tarcocimab tedromer) and KSI-501 (tabirafusp alfa tedromer) in wet age-related macular degeneration. 2122 The shares closed at $32.35 on September 25, at $89.92 on September 28 — a 178% move in one session — and at $94.45 on October 2, against a 52-week closing low of $11.60. 7
Track record. Baker Bros. has bought Kodiak shares on 53 dates since the October 2018 initial public offering, and 51 of those are old enough for a six-month reading: the shares stood higher six months later after 21 of them, and the median change from the price paid was −6.3%. 7 Twelve months on, 22 of 50 readings were positive, with a median of −9.7%. The record splits by era. The purchases of 2020, at $37 to $108 a share, were mostly followed by gains; the purchases of September 2021 and January–February 2022, at $50 to $96, preceded the fall that took the stock to $5.72 by May 2022. The nearest earlier purchase, 2,608,696 shares at $23.00 on December 18, 2025, stood 57.1% higher six months later. 7
Current mark. At the October 2 close of $94.45, the purchase is up 16.8%. 7
Signal read. A fund run by a board member put $156.99 million into the stock on the day it tripled, then bought another 33,726 shares the following session at $84 to $86 while the shares traded at $91.
2. GameStop (GME)
Transactions. President, chief executive and chairman Ryan Cohen bought 450,000 shares on September 29 at a weighted average of $23.4751, $10,563,796, and 700,000 shares on October 2 at $24.4061, $17,084,270 — 1,150,000 shares and $27,648,066 together. 823 His direct holding rose to 41,648,522 shares. 23 Director Nat Turner bought 10,462 shares at $24.33 on October 1, $254,540, a first position that sits below the threshold on its own. 24
Company context. GameStop reported second-quarter results on September 8: operating income of $160.2 million, its highest for a second quarter, against $66.4 million a year earlier, on net sales that fell to $790.2 million from $972.2 million. Collectibles sales rose 57% to $356.3 million and now account for 45.1% of net sales; the company raised its full-year adjusted EBITDA outlook above $650 million and reported $5.4 billion of cash, marketable securities and digital assets plus a 43.4-million-share stake in eBay. 25 On September 3 it completed privately negotiated exchanges retiring about $1.4 billion of convertible notes. 25 The window's only GameStop filings were the Form 4s themselves. The shares closed at $24.70 on October 2, up 5.6% on the week, 38% above the 52-week closing low of $17.87 and 6.9% below the 52-week closing high of $26.53. 9
Track record. Cohen's purchase record in GameStop begins with two days in December 2020, filed through RC Ventures, and it now runs to eleven purchase days. 26 Seven of them are old enough for a six-month reading, and five were higher six months later, with a median of +3.0% from the price paid. 9 The two December 2020 purchases rode the 2021 squeeze and sat 1,413% and 1,238% higher at six months; the readings since then are −2.9% for March 2022, −33.1% for June 2023, +17.8% for April 2025, +3.0% for January 20, 2026 and +0.9% for January 21, 2026. Five readings stretch to twelve months, four of them positive, with a median of +10.2%. 9
Current mark. At the October 2 close of $24.70, the two purchases are up 2.7% together. 9
Signal read. Cohen has bought on four dates in the past month, $74.4 million across 3,300,680 shares since September 10, and a director bought alongside him for the first time in the record.
3. Pampa Energía (PAM)
Transactions. Vice president Damián Miguel Mindlin bought 1,417,197 ordinary shares at $3.105 and 15,000 American Depositary Shares at $77.628 on September 28, $5,564,817 in all, both held directly. 10 Each Pampa ADS represents 25 ordinary shares, which is why the two lines carry prices 25 times apart. 27
Company context. Pampa runs power generation, oil and gas, and petrochemical businesses in Argentina. It reported second-quarter results on August 4: sales of $746 million, up 53% from a year earlier, and adjusted EBITDA of $415 million, up 75%, helped by the ramp-up of its Rincón de Aranda shale block in Vaca Muerta and by the new deregulation framework in the wholesale electricity market. 28 On September 7 the company said Argentina's RIGI investment regime had approved its fertilizer project. 29 The ADS closed at $76.39 on October 2, down 1.8% on the week and 17% below its 52-week closing high of $92.27. 11
Track record. Mindlin's Section 16 record begins on March 20, 2026, and this is his first purchase in it. 30
Current mark. At the October 2 close of $76.39, the ADS line is down 1.6%, and the ordinary shares are down the same 1.6% once converted at 25 shares to the ADS. 11
Signal read. The purchase is the first by any Pampa officer in this record, and it came in two lines of the same security at two venues, local shares in Buenos Aires and the New York listing, on one day.
4. Nayax (NYAX)
Transactions. Chief executive, co-founder and chairman Yair Nechmad bought 46,935 ordinary shares on September 28 and 29 at a weighted average of $44.90, with trades from $44.19 to $45.49, and another 44,148 shares on September 30 at $47.84, with trades from $46.29 to $48.93 — 91,083 shares and $4,219,662 together. 1231 The filings state that the price was paid in new Israeli shekels, at 3.066 and 3.072 shekels to the dollar. 12
Company context. Nayax sells payment terminals and a commerce platform for unattended retail — vending machines, electric-vehicle chargers, car washes and laundromats. On October 1 it completed the acquisition of IPS Group, a smart parking payments business, from Windjammer Capital Investors for $350 million in cash. IPS serves more than 250,000 parking spaces across the United States, Canada, the United Kingdom and Ireland, and Nayax put the resulting expansion of its cashless addressable market at about $85 billion, to roughly $342 billion. 32 The shares closed at $49.00 on October 2, up 8.8% on the week and 35% below the 52-week closing high of $75.81. 13
Track record. Nechmad's first purchase in this issuer's record, which begins on March 26, 2026, is the September 24 filing; the four purchase days in the record, September 24 through September 30, total $8,827,385, and the oldest is twelve days old. 1333
Current mark. At the October 2 close of $49.00, the week's purchases are up 5.8%. 13
Signal read. The chief executive has bought on four sessions in two weeks, and the second half of that buying went into the week his company closed its largest acquisition.
5. Oracle (ORCL)
Transaction. Director Stephen H. Rusckowski bought 25,000 common shares on September 29 at a weighted average of $139.352, with trades from $138.96 to $139.74, for $3,483,800, held through the Stephen H. Rusckowski Living Trust. 14 The trust held 25,390 shares afterwards, next to 60 held directly. 14
Company context. Oracle reported first-quarter fiscal 2027 results on September 10, for the quarter ended August 31: total revenue of $19.3 billion, up 30%, cloud revenue of $11.6 billion, up 62%, and cloud infrastructure revenue of $7.4 billion, up 121%. Remaining performance obligations rose by $209 billion from a year earlier to $664 billion, GAAP earnings per share reached $1.56, and free cash flow was negative $5 billion as the company kept spending on data-centre capacity. 34 The shares closed at $142.30 on October 2, 55% below the 52-week closing high of $313.00 and 24% above the 52-week closing low of $114.99. 15
Track record. Rusckowski joined the board in November 2025, and this is his first Oracle purchase in the Section 16 record; his earlier filings, which reach back to 2012, cover other issuers. 14
Current mark. At the October 2 close of $142.30, the purchase is up 2.1%. 15
Signal read. A director bought $3.48 million of stock in a company trading 55% below its high of a year ago, three weeks after a quarter in which revenue grew 30% and the contract backlog grew by $209 billion.
6. Xenon Pharmaceuticals (XENE)
Transaction. President and chief executive Ian Mortimer bought 30,000 common shares on September 30 at $37.38, $1,121,400, lifting his direct holding 88% to 49,923 shares. 16 Chief financial officer Thomas Patrick Kelly bought 15,000 shares the same day at $37.32, $559,740, a new position that sits below the threshold. 35
Company context. Xenon develops potassium channel modulators for epilepsy and psychiatry. On September 17 it said it had submitted a new drug application for azetukalner in focal onset seizures, and that it had voluntarily paused enrolment of new patients in its ongoing major depressive disorder and bipolar depression studies after an analysis of neuropsychiatric adverse events; patients already enrolled continued on study. 36 The shares fell 30.7% the next session, from $57.35 to $39.75, and closed at $38.02 on October 2, 4.0% above the 52-week closing low of $36.56 and 46% below the 52-week closing high of $70.96. 17
Track record. Mortimer's earlier purchases in the record are two: 5,300 shares at an average of $6.22 on June 24, 2016, and 15,000 shares at $2.88 on August 10, 2017. 17 Six months after each, the shares were 32.7% and 30.1% higher, on a sample of two. A year on, the 2016 purchase was 38.9% lower and the 2017 purchase was 308% higher. 17
Current mark. At the October 2 close of $38.02, the purchase is up 1.7%. 17
Signal read. The chief executive bought two weeks after the psychiatry pause, with the shares sitting 4% above their 52-week low, and the chief financial officer bought the same day at the same price.
Exclusions and classification notes
- ADARx Pharmaceuticals (ADRX). The offering priced at $17.00 a share for 26,250,000 shares, and the filings report purchases at that exact price on September 28: 1,600,000 shares by SR One Capital Management entities and 950,000 by OrbiMed entities, each figure reported twice, once by the fund and once by the individual affiliated with it, plus 61,516 by director Erez Chimovits. 23 The shares traded between $19.00 and $21.77 the same day. The screen counts purchases the buyer chose to make; an allocation at the offer price is priced by the offering itself.
- Hyperscale Data (GPUS). Executive chairman and 10% owner Milton C. Ault III reported three Code P purchases: 1,600 shares at $0.1662 on September 29 through Ault & Company, Inc. and 311,874 at $0.1639 on September 30, both in line with the market, plus 10,000,000 shares at $0.50 on September 30, when the stock closed at $0.1645. 45 The $0.50 price stands unexplained by any footnote, and the counterparty is unnamed. Read as filed, the row totals $5,051,382; at the session's close the same share count would be about $1.7 million. On the day of the purchase Ault & Company was also borrowing $21 million under an amendment to Hyperscale's loan agreement. 37 The on-market part of this week's buying by the same buyer, $51,392 across two purchases, sits below the threshold.
- Lennar (LEN). Berkshire Hathaway, a 10% owner, bought 660,410 Class A shares at $81.59 on September 28, $53,882,588. The screen covers executives and directors of the issuer. 38
- Group 1 Automotive (GPI). Conifer Management, L.L.C., a 10% owner, bought 273,712 shares at $242.15 on September 28, $66,278,316, after $31,524,452 on September 24. 39
- Corebridge Financial (CRBG). Nippon Life Insurance, a 10% owner, reported $27,519,616 on September 28, $7,300,934 on September 29 and $11,716,077 on September 30. Each filing carries the Rule 10b5-1 checkbox and a footnote stating the purchases were made under a plan the insurer adopted on August 7, 2026. 40
- Anteris Technologies Global (AVR). L1 Capital Pty Ltd, a 10% owner, bought 397,226 shares at $7.62 on September 30, $3,027,832, on behalf of the funds it manages. 41
- Prothena (PRTA). William P. Scully, a 10% owner, reported 103,500 shares at $8.60 on September 28 and 162,000 at $8.68 on September 29, $2,295,546 together, held through a spouse and a fund. 42
- New Concept Energy (GBR). Realty Advisors Inc, marked only as a 10% owner, bought 2,000,000 shares at $1.00 on September 29, $2,000,000. 43
- Bank Bradesco (BBD). Executive officer Francesco Di Marcello reported 57,160 preference shares at 17.65 on September 28, 1,008,844 reais. 44 At the Federal Reserve's most recent published rate, 5.1921 reais to the dollar on September 25, that is about $194,300, below the threshold. 45
- SL Science Holding (SLBT). Chief executive and 10% owner Ching-Dong Wang reported 4,545,306 ordinary shares on September 29 for an aggregate US$2,272,653, about $0.50 a share. The filing's footnote describes a transfer from SL Link Co., Ltd., a Taiwanese company in which he holds 50.73% and is chairman and chief executive, and his beneficial holding was unchanged at 333,832,129 shares. 46 A screen that multiplies the share count by the aggregate consideration prints $2,147,483,647 for this row.
- Southport Acquisition Corp. II (PORT.). The sponsor and the chief executive each bought 500,000 shares at $10.00 on September 30, $5,000,000 apiece, at the blank-cheque company's formation. 47
- Below the line. First Guaranty Bancshares director Edgar R. Smith III bought 99,277 shares at $8.28 on September 30 for $822,014, the closest an officer or director came to the threshold inside the window. 48 Dick's Sporting Goods' president of Foot Locker International, Matthew Barnes, bought 3,665 shares at $136.39 on September 30 for $499,869. 49 At Inhibrx Biosciences, chief executive Mark Lappe bought 10,000 shares at $99.88 on September 25 for $998,784, $1,216 short of the line and inside the previous window. 50 Liberty Latin America's director emeritus and 10% owner John C. Malone bought 21,525 shares at $9.25 on September 29 for $199,198. 51
- Out of the window. Four purchases above $1 million fell on trade dates before September 28 and reached the screen through their filing dates: QVC Group on September 24, Coursera on September 25, Liberty Live Holdings on September 24 and Pampa Energía's other vice president, Gustavo Mariani, on September 25.
Bottom line
Strip out the ADARx allocation and the Hyperscale price and this week has six signals spanning an unusually wide range, from a $156.99 million fund purchase into a stock that had just tripled to five purchases of $1.12 million to $27.65 million. Three of the six buyers have no earlier purchase of their own to measure. The two who do sit at opposite ends: Cohen's GameStop purchases have mostly preceded six-month gains, while Baker Bros.' Kodiak purchases since 2021 have mostly preceded declines, with the most recent one going the other way.
References
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- 5Hyperscale Data price history
stockanalysis.com
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- 7KOD price history
stockanalysis.com
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- 9GME price history
stockanalysis.com
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- 11PAM price history
stockanalysis.com
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- 13NYAX price history
stockanalysis.com
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- 15ORCL price history
stockanalysis.com
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- 17XENE price history
stockanalysis.com
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- 27Pampa Energía corporate profile, ADS ratio
ri.pampa.com
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- 30Pampa Energía insider purchase record
openinsider.com
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- 33NYAX insider purchase record
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- 45Federal Reserve Brazilian real series, September 25, 2026
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