KALV
insider transactionsKalVista Pharmaceuticals, Inc. — buys & sells by directors, officers and 10% owners A shareholder owning more than 10% of the company. Must report trades, but usually a weaker signal than an officer or director. (SEC Form 4).
Net shares · 90d
-296.0K
0 buy · 296.0K sell
Net value · 90d
-$5.8M
$0 in · $5.8M out
Sentiment · 90d
Net selling
0% buying · 100% selling
Open-market trades · 90d
22
0 buy · 296.0K sell
Net buy / sell volume
Not enough data to chart yet.
Tap or hover the chart for daily net volume. Green = net buying, red = net selling.
All transactions
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Grant·A
Director
$0
2.0K sh
Own New
-
Grant·A
Director
$0
3.8K sh
Own New
-
Other·D
Director
—
30.0K sh
Own -100%
-
Other·D
Director
—
10.0K sh
Own -100%
-
Other·D
Director
—
17.0K sh
Own -100%
-
Other·D
Director
—
45.0K sh
Own -100%
-
Other·D
Chief Commercial Officer
—
93.8K sh
Own -100%
-
Other·D
Chief Commercial Officer
—
68.8K sh
Own -100%
-
Other·D
Chief Commercial Officer
—
40.0K sh
Own -100%
-
Other·D
Chief Commercial Officer
—
100.0K sh
Own -100%
-
Other·D
Chief Commercial Officer
$0
59.3K sh
Own -100%
-
Other·D
Brian Piekos KEY
Chief Financial Officer
—
93.8K sh
Own -100%
-
Other·D
Brian Piekos KEY
Chief Financial Officer
—
55.0K sh
Own -100%
-
Other·D
Brian Piekos KEY
Chief Financial Officer
—
100.0K sh
Own -100%
-
Other·D
Brian Piekos KEY
Chief Financial Officer
$0
21.7K sh
Own -100%
-
Other·D
CHIEF DEVELOPMENT OFFICER
—
41.2K sh
Own -100%
-
Other·D
CHIEF DEVELOPMENT OFFICER
—
25.0K sh
Own -100%
-
Other·D
CHIEF DEVELOPMENT OFFICER
—
80.0K sh
Own -100%
-
Other·D
CHIEF DEVELOPMENT OFFICER
—
18.9K sh
Own -100%
-
Other·D
CHIEF DEVELOPMENT OFFICER
—
20.0K sh
Own -100%
-
Other·D
CHIEF DEVELOPMENT OFFICER
—
31.0K sh
Own -100%
-
Other·D
CHIEF DEVELOPMENT OFFICER
—
60.0K sh
Own -100%
-
Other·D
CHIEF DEVELOPMENT OFFICER
—
27.9K sh
Own -100%
-
Other·D
CHIEF DEVELOPMENT OFFICER
—
52.6K sh
Own -100%
-
Other·D
CHIEF DEVELOPMENT OFFICER
—
53.5K sh
Own -100%
-
Other·D
CHIEF DEVELOPMENT OFFICER
$0
229.9K sh
Own -100%
-
Other·D
Director
—
30.0K sh
Own -100%
-
Other·D
Director
—
10.0K sh
Own -100%
-
Other·D
Director
—
14.0K sh
Own -100%
-
Other·D
Director
—
17.0K sh
Own -100%
-
Other·D
CHIEF EXECUTIVE OFFICER
—
304.7K sh
Own -100%
-
Other·D
CHIEF EXECUTIVE OFFICER
—
92.6K sh
Own -100%
-
Other·D
CHIEF EXECUTIVE OFFICER
—
255.8K sh
Own -100%
-
Other·D
CHIEF EXECUTIVE OFFICER
—
125.0K sh
Own -100%
-
Other·D
CHIEF EXECUTIVE OFFICER
—
113.9K sh
Own -100%
-
Other·D
CHIEF EXECUTIVE OFFICER
—
40.0K sh
Own -100%
-
Other·D
CHIEF EXECUTIVE OFFICER
—
25.8K sh
Own -100%
-
Other·D
CHIEF EXECUTIVE OFFICER
—
20.0K sh
Own -100%
-
Other·D
CHIEF EXECUTIVE OFFICER
—
37.5K sh
Own -100%
-
Other·D
CHIEF EXECUTIVE OFFICER
—
85.0K sh
Own -100%
-
Other·D
CHIEF EXECUTIVE OFFICER
—
75.0K sh
Own -100%
-
Other·D
CHIEF EXECUTIVE OFFICER
—
33.8K sh
Own -100%
-
Other·D
CHIEF EXECUTIVE OFFICER
—
52.6K sh
Own -100%
-
Other·D
CHIEF EXECUTIVE OFFICER
—
71.7K sh
Own -100%
-
Other·D
CHIEF EXECUTIVE OFFICER
—
33.8K sh
Own -100%
-
Other·D
CHIEF EXECUTIVE OFFICER
—
29.6K sh
Own -100%
-
Other·D
CHIEF EXECUTIVE OFFICER
—
47.4K sh
Own -100%
-
Other·D
CHIEF EXECUTIVE OFFICER
$0
480.0K sh
Own -100%
-
Other·D
Director
—
30.0K sh
Own -100%
-
Other·D
Director
—
7.0K sh
Own -100%
-
Other·D
Director
—
10.0K sh
Own -100%
-
Other·D
Director
—
6.0K sh
Own -100%
-
Other·D
Director
—
12.0K sh
Own -100%
-
Other·D
Director
—
30.0K sh
Own -100%
-
Other·D
Director
—
10.0K sh
Own -100%
-
Other·D
Director
—
7.0K sh
Own -100%
-
Other·D
Director
—
14.0K sh
Own -100%
-
Other·D
Director
—
30.0K sh
Own -100%
-
Other·D
Director
—
10.0K sh
Own -100%
-
Other·D
Director
—
17.0K sh
Own -100%
-
Other·D
CHIEF MEDICAL OFFICER
—
93.8K sh
Own -100%
-
Other·D
CHIEF MEDICAL OFFICER
—
68.8K sh
Own -100%
-
Other·D
CHIEF MEDICAL OFFICER
—
40.0K sh
Own -100%
-
Other·D
CHIEF MEDICAL OFFICER
—
25.8K sh
Own -100%
-
Other·D
CHIEF MEDICAL OFFICER
—
100.0K sh
Own -100%
-
Other·D
CHIEF MEDICAL OFFICER
$0
150.3K sh
Own -100%
-
Other·D
Chief Operations Officer
—
49.0K sh
Own -100%
-
Other·D
Chief Operations Officer
—
100.0K sh
Own -100%
-
Exercise·M
CHIEF DEVELOPMENT OFFICER
$0
33.8K sh
Own New
-
Sell·S
CHIEF DEVELOPMENT OFFICER
$905.2K
33.8K sh · $26.78
Own -13%
-
Exercise·M
CHIEF DEVELOPMENT OFFICER
$239.0K
33.8K sh · $7.07
Own +15%
-
Sell·S
Chief Commercial Officer
$39.9K
1.5K sh · $26.78
Own -2%
-
Sell·S
CHIEF DEVELOPMENT OFFICER
$52.6K
2.0K sh · $26.78
Own -1%
-
Sell·S
CHIEF MEDICAL OFFICER
$60.0K
2.2K sh · $26.78
Own -1%
-
Sell·S
Chief Commercial Officer
$49.8K
1.9K sh · $26.78
Own -3%
-
Sell·S
Brian Piekos KEY
Chief Financial Officer
$39.9K
1.5K sh · $26.78
Own -6%
-
Sell·S
CHIEF DEVELOPMENT OFFICER
$63.2K
2.4K sh · $26.78
Own -1%
-
Sell·S
CHIEF EXECUTIVE OFFICER
$292.6K
10.9K sh · $26.78
Own -2%
-
Sell·S
CHIEF MEDICAL OFFICER
$71.9K
2.7K sh · $26.78
Own -2%
-
Exercise·M
Chief Commercial Officer
$0
5.0K sh
Own +14%
-
Exercise·M
Chief Commercial Officer
—
5.0K sh
Own +9%
-
Exercise·M
CHIEF DEVELOPMENT OFFICER
$0
3.1K sh
Own +14%
-
Exercise·M
CHIEF DEVELOPMENT OFFICER
—
3.1K sh
Own +1%
-
Exercise·M
CHIEF MEDICAL OFFICER
$0
5.0K sh
Own +14%
-
Exercise·M
CHIEF MEDICAL OFFICER
—
5.0K sh
Own +3%
-
Exercise·M
Chief Commercial Officer
$0
6.2K sh
Own +10%
-
Exercise·M
Chief Commercial Officer
—
6.2K sh
Own +12%
-
Exercise·M
Brian Piekos KEY
Chief Financial Officer
$0
5.0K sh
Own +10%
-
Exercise·M
Brian Piekos KEY
Chief Financial Officer
—
5.0K sh
Own +28%
-
Exercise·M
CHIEF DEVELOPMENT OFFICER
$0
3.8K sh
Own +10%
-
Exercise·M
CHIEF DEVELOPMENT OFFICER
—
3.8K sh
Own +2%
-
Exercise·M
CHIEF EXECUTIVE OFFICER
$0
23.2K sh
Own +10%
-
Exercise·M
CHIEF EXECUTIVE OFFICER
—
23.2K sh
Own +5%
-
Exercise·M
CHIEF MEDICAL OFFICER
$0
6.2K sh
Own +10%
-
Exercise·M
CHIEF MEDICAL OFFICER
—
6.2K sh
Own +4%
-
Sell·S
CHIEF DEVELOPMENT OFFICER
$29.7K
1.1K sh · $26.76
Own -0%
-
Sell·S
CHIEF EXECUTIVE OFFICER
$30.2K
1.1K sh · $26.76
Own -0%
-
Sell·S
CHIEF MEDICAL OFFICER
$27.6K
1.0K sh · $26.76
Own -1%
-
Exercise·M
CHIEF DEVELOPMENT OFFICER
$0
1.8K sh
Own New
-
Exercise·M
CHIEF DEVELOPMENT OFFICER
—
1.8K sh
Own +1%
-
Exercise·M
CHIEF EXECUTIVE OFFICER
$0
2.4K sh
Own New
-
Exercise·M
CHIEF EXECUTIVE OFFICER
—
2.4K sh
Own +1%
-
Exercise·M
CHIEF MEDICAL OFFICER
$0
2.4K sh
Own New
-
Exercise·M
CHIEF MEDICAL OFFICER
—
2.4K sh
Own +2%
-
Sell·S
CHIEF EXECUTIVE OFFICER
$88.7K
3.3K sh · $26.71
Own -1%
-
Exercise·M
CHIEF EXECUTIVE OFFICER
$0
7.1K sh
Own +8%
-
Exercise·M
CHIEF EXECUTIVE OFFICER
—
7.1K sh
Own +2%
-
Sell·S
Chief Commercial Officer
$37.6K
1.9K sh · $20.22
Own -3%
-
Sell·S
Brian Piekos KEY
Chief Financial Officer
$37.6K
1.9K sh · $20.22
Own -9%
-
Sell·S
CHIEF EXECUTIVE OFFICER
$193.1K
9.6K sh · $20.22
Own -2%
-
Sell·S
CHIEF MEDICAL OFFICER
$54.3K
2.7K sh · $20.22
Own -2%
-
Exercise·M
Chief Commercial Officer
$0
6.2K sh
Own +7%
-
Exercise·M
Chief Commercial Officer
—
6.2K sh
Own +13%
-
Exercise·M
Brian Piekos KEY
Chief Financial Officer
$0
6.2K sh
Own +7%
-
Exercise·M
Brian Piekos KEY
Chief Financial Officer
—
6.2K sh
Own +45%
-
Exercise·M
CHIEF EXECUTIVE OFFICER
$0
20.3K sh
Own +7%
-
Exercise·M
CHIEF EXECUTIVE OFFICER
—
20.3K sh
Own +4%
-
Exercise·M
CHIEF MEDICAL OFFICER
$0
6.2K sh
Own +7%
-
Exercise·M
CHIEF MEDICAL OFFICER
—
6.2K sh
Own +4%
-
Sell·S
-
Sell·S
-
Sell·S
-
Sell·S
-
Sell·S
| Date▾ | Insider | Type | Shares | Value |
|---|---|---|---|---|
| Jun 15, 2026 | William Fairey | Grant A | 2.0K | $0 |
| Jun 15, 2026 | William Fairey | Grant A | 3.8K | $0 |
| Jun 11, 2026 | Patrick Treanor | Other D | 30.0K | — |
| Jun 11, 2026 | Patrick Treanor | Other D | 10.0K | — |
| Jun 11, 2026 | Patrick Treanor | Other D | 17.0K | — |
| Jun 11, 2026 | Bethany Sensenig | Other D | 45.0K | — |
| Jun 11, 2026 | Nicole Sweeny | Other D | 93.8K | — |
| Jun 11, 2026 | Nicole Sweeny | Other D | 68.8K | — |
| Jun 11, 2026 | Nicole Sweeny | Other D | 40.0K | — |
| Jun 11, 2026 | Nicole Sweeny | Other D | 100.0K | — |
| Jun 11, 2026 | Nicole Sweeny | Other D | 59.3K | $0 |
| Jun 11, 2026 | Brian Piekos KEY | Other D | 93.8K | — |
| Jun 11, 2026 | Brian Piekos KEY | Other D | 55.0K | — |
| Jun 11, 2026 | Brian Piekos KEY | Other D | 100.0K | — |
| Jun 11, 2026 | Brian Piekos KEY | Other D | 21.7K | $0 |
| Jun 11, 2026 | Christopher Yea | Other D | 41.2K | — |
| Jun 11, 2026 | Christopher Yea | Other D | 25.0K | — |
| Jun 11, 2026 | Christopher Yea | Other D | 80.0K | — |
| Jun 11, 2026 | Christopher Yea | Other D | 18.9K | — |
| Jun 11, 2026 | Christopher Yea | Other D | 20.0K | — |
| Jun 11, 2026 | Christopher Yea | Other D | 31.0K | — |
| Jun 11, 2026 | Christopher Yea | Other D | 60.0K | — |
| Jun 11, 2026 | Christopher Yea | Other D | 27.9K | — |
| Jun 11, 2026 | Christopher Yea | Other D | 52.6K | — |
| Jun 11, 2026 | Christopher Yea | Other D | 53.5K | — |
| Jun 11, 2026 | Christopher Yea | Other D | 229.9K | $0 |
| Jun 11, 2026 | Nancy Stuart | Other D | 30.0K | — |
| Jun 11, 2026 | Nancy Stuart | Other D | 10.0K | — |
| Jun 11, 2026 | Nancy Stuart | Other D | 14.0K | — |
| Jun 11, 2026 | Laurence Reid | Other D | 17.0K | — |
| Jun 11, 2026 | Benjamin L Palleiko KEY | Other D | 304.7K | — |
| Jun 11, 2026 | Benjamin L Palleiko KEY | Other D | 92.6K | — |
| Jun 11, 2026 | Benjamin L Palleiko KEY | Other D | 255.8K | — |
| Jun 11, 2026 | Benjamin L Palleiko KEY | Other D | 125.0K | — |
| Jun 11, 2026 | Benjamin L Palleiko KEY | Other D | 113.9K | — |
| Jun 11, 2026 | Benjamin L Palleiko KEY | Other D | 40.0K | — |
| Jun 11, 2026 | Benjamin L Palleiko KEY | Other D | 25.8K | — |
| Jun 11, 2026 | Benjamin L Palleiko KEY | Other D | 20.0K | — |
| Jun 11, 2026 | Benjamin L Palleiko KEY | Other D | 37.5K | — |
| Jun 11, 2026 | Benjamin L Palleiko KEY | Other D | 85.0K | — |
| Jun 11, 2026 | Benjamin L Palleiko KEY | Other D | 75.0K | — |
| Jun 11, 2026 | Benjamin L Palleiko KEY | Other D | 33.8K | — |
| Jun 11, 2026 | Benjamin L Palleiko KEY | Other D | 52.6K | — |
| Jun 11, 2026 | Benjamin L Palleiko KEY | Other D | 71.7K | — |
| Jun 11, 2026 | Benjamin L Palleiko KEY | Other D | 33.8K | — |
| Jun 11, 2026 | Benjamin L Palleiko KEY | Other D | 29.6K | — |
| Jun 11, 2026 | Benjamin L Palleiko KEY | Other D | 47.4K | — |
| Jun 11, 2026 | Benjamin L Palleiko KEY | Other D | 480.0K | $0 |
| Jun 11, 2026 | Edward W Unkart | Other D | 30.0K | — |
| Jun 11, 2026 | Edward W Unkart | Other D | 7.0K | — |
| Jun 11, 2026 | Edward W Unkart | Other D | 10.0K | — |
| Jun 11, 2026 | Edward W Unkart | Other D | 6.0K | — |
| Jun 11, 2026 | Edward W Unkart | Other D | 12.0K | — |
| Jun 11, 2026 | Brian Jg Pereira | Other D | 30.0K | — |
| Jun 11, 2026 | Brian Jg Pereira | Other D | 10.0K | — |
| Jun 11, 2026 | Brian Jg Pereira | Other D | 7.0K | — |
| Jun 11, 2026 | Brian Jg Pereira | Other D | 14.0K | — |
| Jun 11, 2026 | William Fairey | Other D | 30.0K | — |
| Jun 11, 2026 | William Fairey | Other D | 10.0K | — |
| Jun 11, 2026 | William Fairey | Other D | 17.0K | — |
| Jun 11, 2026 | Paul K. Audhya | Other D | 93.8K | — |
| Jun 11, 2026 | Paul K. Audhya | Other D | 68.8K | — |
| Jun 11, 2026 | Paul K. Audhya | Other D | 40.0K | — |
| Jun 11, 2026 | Paul K. Audhya | Other D | 25.8K | — |
| Jun 11, 2026 | Paul K. Audhya | Other D | 100.0K | — |
| Jun 11, 2026 | Paul K. Audhya | Other D | 150.3K | $0 |
| Jun 11, 2026 | Bilal Arif | Other D | 49.0K | — |
| Jun 11, 2026 | Bilal Arif | Other D | 100.0K | — |
| May 27, 2026 | Christopher Yea | Exercise M | 33.8K | $0 |
| May 27, 2026 | Christopher Yea | Sell S | 33.8K | $905.2K |
| May 27, 2026 | Christopher Yea | Exercise M | 33.8K | $239.0K |
| May 26, 2026 | Nicole Sweeny | Sell S | 1.5K | $39.9K |
| May 26, 2026 | Christopher Yea | Sell S | 2.0K | $52.6K |
| May 26, 2026 | Paul K. Audhya | Sell S | 2.2K | $60.0K |
| May 22, 2026 | Nicole Sweeny | Sell S | 1.9K | $49.8K |
| May 22, 2026 | Brian Piekos KEY | Sell S | 1.5K | $39.9K |
| May 22, 2026 | Christopher Yea | Sell S | 2.4K | $63.2K |
| May 22, 2026 | Benjamin L Palleiko KEY | Sell S | 10.9K | $292.6K |
| May 22, 2026 | Paul K. Audhya | Sell S | 2.7K | $71.9K |
| May 22, 2026 | Nicole Sweeny | Exercise M | 5.0K | $0 |
| May 22, 2026 | Nicole Sweeny | Exercise M | 5.0K | — |
| May 22, 2026 | Christopher Yea | Exercise M | 3.1K | $0 |
| May 22, 2026 | Christopher Yea | Exercise M | 3.1K | — |
| May 22, 2026 | Paul K. Audhya | Exercise M | 5.0K | $0 |
| May 22, 2026 | Paul K. Audhya | Exercise M | 5.0K | — |
| May 21, 2026 | Nicole Sweeny | Exercise M | 6.2K | $0 |
| May 21, 2026 | Nicole Sweeny | Exercise M | 6.2K | — |
| May 21, 2026 | Brian Piekos KEY | Exercise M | 5.0K | $0 |
| May 21, 2026 | Brian Piekos KEY | Exercise M | 5.0K | — |
| May 21, 2026 | Christopher Yea | Exercise M | 3.8K | $0 |
| May 21, 2026 | Christopher Yea | Exercise M | 3.8K | — |
| May 21, 2026 | Benjamin L Palleiko KEY | Exercise M | 23.2K | $0 |
| May 21, 2026 | Benjamin L Palleiko KEY | Exercise M | 23.2K | — |
| May 21, 2026 | Paul K. Audhya | Exercise M | 6.2K | $0 |
| May 21, 2026 | Paul K. Audhya | Exercise M | 6.2K | — |
| May 18, 2026 | Christopher Yea | Sell S | 1.1K | $29.7K |
| May 18, 2026 | Benjamin L Palleiko KEY | Sell S | 1.1K | $30.2K |
| May 18, 2026 | Paul K. Audhya | Sell S | 1.0K | $27.6K |
| May 17, 2026 | Christopher Yea | Exercise M | 1.8K | $0 |
| May 17, 2026 | Christopher Yea | Exercise M | 1.8K | — |
| May 17, 2026 | Benjamin L Palleiko KEY | Exercise M | 2.4K | $0 |
| May 17, 2026 | Benjamin L Palleiko KEY | Exercise M | 2.4K | — |
| May 17, 2026 | Paul K. Audhya | Exercise M | 2.4K | $0 |
| May 17, 2026 | Paul K. Audhya | Exercise M | 2.4K | — |
| May 12, 2026 | Benjamin L Palleiko KEY | Sell S | 3.3K | $88.7K |
| May 11, 2026 | Benjamin L Palleiko KEY | Exercise M | 7.1K | $0 |
| May 11, 2026 | Benjamin L Palleiko KEY | Exercise M | 7.1K | — |
| Apr 17, 2026 | Nicole Sweeny | Sell S | 1.9K | $37.6K |
| Apr 17, 2026 | Brian Piekos KEY | Sell S | 1.9K | $37.6K |
| Apr 17, 2026 | Benjamin L Palleiko KEY | Sell S | 9.6K | $193.1K |
| Apr 17, 2026 | Paul K. Audhya | Sell S | 2.7K | $54.3K |
| Apr 16, 2026 | Nicole Sweeny | Exercise M | 6.2K | $0 |
| Apr 16, 2026 | Nicole Sweeny | Exercise M | 6.2K | — |
| Apr 16, 2026 | Brian Piekos KEY | Exercise M | 6.2K | $0 |
| Apr 16, 2026 | Brian Piekos KEY | Exercise M | 6.2K | — |
| Apr 16, 2026 | Benjamin L Palleiko KEY | Exercise M | 20.3K | $0 |
| Apr 16, 2026 | Benjamin L Palleiko KEY | Exercise M | 20.3K | — |
| Apr 16, 2026 | Paul K. Audhya | Exercise M | 6.2K | $0 |
| Apr 16, 2026 | Paul K. Audhya | Exercise M | 6.2K | — |
| Mar 26, 2026 | Venrock Healthcare Capital Partners III, L.P. / VHCP Co-Investment Holdings III, LLC / VHCP Management EG, LLC / Venrock Healthcare Capital Partners EG, L.P. / VHCP Management III, LLC / Bong Y Koh / Nimish P Shah | Sell S | 3.2K | $60.9K |
| Mar 26, 2026 | Venrock Healthcare Capital Partners III, L.P. / VHCP Co-Investment Holdings III, LLC / VHCP Management EG, LLC / Venrock Healthcare Capital Partners EG, L.P. / VHCP Management III, LLC / Bong Y Koh / Nimish P Shah | Sell S | 15.4K | $290.1K |
| Mar 26, 2026 | Venrock Healthcare Capital Partners III, L.P. / VHCP Co-Investment Holdings III, LLC / VHCP Management EG, LLC / Venrock Healthcare Capital Partners EG, L.P. / VHCP Management III, LLC / Bong Y Koh / Nimish P Shah | Sell S | 21.4K | $379.8K |
| Mar 25, 2026 | Venrock Healthcare Capital Partners III, L.P. / VHCP Co-Investment Holdings III, LLC / VHCP Management EG, LLC / Venrock Healthcare Capital Partners EG, L.P. / VHCP Management III, LLC / Bong Y Koh / Nimish P Shah | Sell S | 160 | $2.8K |
| Mar 25, 2026 | Venrock Healthcare Capital Partners III, L.P. / VHCP Co-Investment Holdings III, LLC / VHCP Management EG, LLC / Venrock Healthcare Capital Partners EG, L.P. / VHCP Management III, LLC / Bong Y Koh / Nimish P Shah | Sell S | 174.5K | $3.0M |
About KALV insider trading
This page tracks insider transactions for KalVista Pharmaceuticals, Inc. (KALV) reported to the U.S. Securities and Exchange Commission on Form 4. Corporate insiders — directors, executive officers and beneficial owners of more than 10% of the stock — must disclose their trades within two business days. Open-market purchases (code P) and sales (code S) made at the insider's discretion are the most-watched opportunistic signals, while awards (A), option exercises (M) and tax-withholding (F) reflect compensation rather than conviction. Trades marked 10b5-1 were made under a pre-arranged plan and are considered routine. A cluster buy — several insiders buying within a short window — is historically a stronger bullish indicator than any single trade.