US biotech insider trading differentiation: ImmunityBio (IBRX.US) cashed out the most, and Sellas (SLS.US) directors bought before a fivefold surge

The Zhitong Finance App learned that in the biotechnology sector, progress in drug research and development is certainly a core variable in stock prices, but the trading trends of company insiders are also an important factor in observing the company's prospects. Seen from this perspective, the operations of four company insiders, Capricorn (CAPR.US), ImmunityBio (IBRX.US), Sellas (SLS.US), and Iovance (IOVA.US), showed a very different picture: some cashed out, some bought against the trend, and others stayed on hold.

According to data compiled by Fiscal AI, over the past year, Caprice and ImmunityBio insiders have cashed out a total of nearly $18 million by selling shares; Sellas director Katherine Bach Kalin was the only insider among the four companies to buy in the open market. After the purchase, the stock price surged and the book surged about 430%; in contrast, Iovance's insiders did not conduct any open market transactions during the same period.

ImmunityBio: Three directors cashed out a total of $9.51 million

ImmunityBio director Barry Simon cashed out $4.41 million in the past year by selling shares, the most of the four companies' insiders. He, along with directors Cheryl Cohen and Christobel Selecky, sold a total of 1.04 million shares and cashed out $9.51 million.

Simon's last deal was to sell 25,000 shares on October 5, reducing its direct holdings by less than 1% and still holding nearly 2.78 million shares after the deal. Cohen's October 2 deal had a bigger impact on her holdings: she exercised 55,979 share options for $2.98 and sold 81,056 shares for $10.50, a net decrease of 25,077 shares on the same day. Her October deal with Simon cashed out a total of $1.12 million.

All three directors sold their shares in accordance with a pre-arranged 10b5-1 rule trading plan. The October deal above occurred shortly before the FDA expanded anktiva bladder cancer indications on Oct. 14. ImmunityBio CEO Richard Adcock said, “This label expansion is an important opportunity for more patient groups to receive ANKTIVA.”

Capricorn: Three executives exercised power and sold to cash out $8.37 million

Capricorn CFO Anthony Bergmann, General Counsel Karen Krasney, and Director Karimah Es Sabar sold 272,529 shares between March 31 and June 25, cashing out $8.37 million. The 13 transactions all matched the options exercised on the same day, thereby retaining their previous common shares. After paying an exercise fee of approximately $1.07 million, the three received a total of $7.3 million. The above amount has not been deducted from taxes.

The three made a transaction plan in December 2025, and the FDA restarted the review of Deramiocel in March a few months later. They had completed the sale before the FDA made an unfavorable consultative vote in July for the treatment of heart disease associated with Duchenne muscular dystrophy. Capricorn is currently awaiting a decision from the FDA on November 22 on its revised application, which focuses on arm and hand function impairment in patients with Duchenne muscular dystrophy aged 9 and above. CEO Linda Marban said, “As the PDUFA date approaches, we remain confident in our data.”

Sellas: Book profit of 430% after insiders bought

Sellas director Katherine Bach Kalin purchased 63,400 shares worth approximately $100,806 on November 19, 2025. The previous week, the company had just updated investors on the latest developments in its Regal leukemia trial. The purchase more than doubled its direct shareholding to 104,400 shares.

If she holds it until now, the investment is worth $534,000, which is equivalent to 5.3 times the purchase cost, and the book surplus is about 433,000 US dollars, an increase of 430% based on Wednesday's stock price.

The Regal Phase III trial reached the 80 deaths required for the final survival analysis last month. The trial aims to test whether Galinpepimut-S can help patients with acute myeloid leukemia (AML) live longer after a second complete remission. Results are expected to be announced this quarter. CEO Angelos Stergiou said, “Reaching the 80th incident is a key milestone in the Regal trial.”

Institutional investors have also increased their exposure to Sellas. According to Fiscal AI data, in the quarter ending June 30, institutions had a net increase of 18.8 million shares, and the shareholding ratio rose to 36%. During the same period, the organization reduced its holdings of Capricorn by 1.9 million shares, but it still holds 55% of the company's shares.

Iovance: Amtagvi sales continue to rise as insiders stand still

Unlike the other three companies, Iovance insiders haven't traded on the open market in the past year, and sales of their melanoma cell therapy Amtagvi have continued to grow. Amtagvi's US sales increased 77% to approximately US$102 million, driving an 80% year-on-year increase in product revenue in the third quarter.

Interim CEO Frederick Vogt said, “Third-quarter revenue reached a new record of approximately $122 million, and gross margin was the highest in history, thanks to continued demand for Amtagvi in the US market.” The company maintains its 2026 revenue forecast of $410 million to US$420 million, and plans to submit an application to the FDA in 2027 to extend Amtagvi's indications to lung cancer.

Retail investors are bullish on Capricorn, ImmunityBio, and Sellas and Iovance

On the Stocktwits platform, retail sentiment towards Capricorn was “extremely bullish” and “extremely high”, ranking first among the four companies; ImmunityBio sentiment was “bullish” and “high” in news volume; Sellas and Iovance showed “bearish” sentiment, respectively, with “normal” and “low” news volume, respectively.

One user commented on Capricorn: “I'm bullish on approval, but I still see significant risk.” Another user said, “Regular communication arrangements, such as quarterly updates or recurring shareholder letters, will go a long way in building confidence.” Another user said, “If REGAL delivers good results, this may be a defining moment for the company.”

In terms of growth during the year, ImmunityBio led with a 237% increase, Iovance rose 196%, Sellas rose 123%, and Capricorn fell 61%, which lagged behind in performance.