Antibe Therapeutics Posts Positive Study Results, Insiders Unload Positions
Antibe Therapeutics (TSXV: ATE) this past week published results on its latest drug development for the treatment of osteoarthritis pain. The study, classified as “Phase 2B” was for the purpose of measuring dose ranging against efficacy. As per the company, the results demonstrated a “high level of statistical significance” when compared to that of the placebo. Apparently, however, it also demonstrated a high grade sell signal for many company insiders.
Over the last week, as per Canadian Insider, Antibe Therapeutics insiders, consisting of executives and directors, had net selling of 5,054,000 common shares despite the supposedly positive results demonstrated by the company. If that’s not concern enough for investors, the largest net seller of all was none other than the Chief Science Officer at the firm.
Lets take a closer look at whom was selling and their role with the company.
First on our list of top net sellers is that of John Lawrence Wallace Founder of Antibe, as well Chief Science Officer and Director. On June 1, Wallace exercised a total of 2.5 million options, with exercise prices ranging from $0.14 to $0.33 at a total cost of $555,750. He then went and sold a whopping total of 2,725,000 common shares, at a stated price of $0.60 per share over the course of the week. In total, he generated gross proceeds of $1,635,000, netting himself a cool $1.1 million in the process.
Next on the list of net sellers is that of Daniel Marcel Legault, President and CEO of the company, as well as a Director. In total, Legault exercised 1.75 million options at a total expense of $392,500. He then went and sold all of those shares for gross proceeds of roughly $1.1 million, while leaving only 300,000 common shares in his portfolio and 3.4 million options.
Executive Vice President Scott Wilson Curtis also felt the need to dispose of a portion of his position in the company, exercising the 33,000 warrants he had, alone with 150,000 stock options. He then turned around and sold a total of 224,000 common shares throughout the week for total gross proceeds of $139,640.
Chief Development Officer David James Vaughan didn’t want to be left out of the party either, exercising 150,000 options at $0.33, only to turn around and sell those along with his entire common share holdings for gross sales consisting of 205,000 common shares and proceeds of $122,450.
Last on the list of net sellers this week for Antibe Therapeutics is that of Roderick john Flower, a Director of the firm. After exercising 150,000 options at a price of $0.33, he turned around and sold them at a price of $0.61, filling his pocket with gross proceeds of $91,500.
Net buyers should also be noted for the week, which include two insiders of Antibe. Chief Financial Officer Alain Wilson exercised 200,000 options at a price of $0.145, and has yet to sell them. The same applies for director Yung Cheng Wu, whom exercised 500,000 options at $0.15 without registering any sales.
Whether or not the results of Antibe’s are positive isn’t up to us to decide. What seems clear however, is the effect the results had on the positions of company insiders.
Antibe Therapeutics last traded at $0.51 on the TSX Venture.
Information for this briefing was found via Canadian Insider and Antibe Technologies. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
3 thoughts on “Antibe Therapeutics Posts Positive Study Results, Insiders Unload Positions”
I think it means they know nothing big is happening for a while and they wanted to get a pay day now. But fuck them because I loss thousands because of it.
If you see a problem, you forget company officials sold some shares 2 years ago. They still hold a lot of shares/warrants/options and the company is about to solve a huge problem in medicine. Going into partnering and Phase 3 is on the horizon. Why worry that company officials got paid ?
You don’t need to be a stock broker to find a problem with so many important people with Antibe selling so many shares at this time