Overview
Insider transaction filings made public on Thursday show a mix of large purchases and notable sales among U.S.-listed companies. The disclosures, filed on Form 4s with the Securities and Exchange Commission, include block purchases by a major shareholder in Vivos Therapeutics, a multi-day accumulation by Pale Fire Capital in Phreesia, an inside CEO placement at Scynexis, and several executive stock liquidations at companies spanning cloud infrastructure, outdoor media, streaming entertainment, exchanges and pharmaceuticals.
Top purchases
- V-Co Investors 3 LLC - Vivos Therapeutics, Inc. (NASDAQ: VVOS): V-Co Investors 3 LLC, a 10 percent owner of Vivos Therapeutics, purchased 1,353,625 shares of common stock at $1.34 per share on March 31, 2026, for a total outlay of $1,813,857, according to a Form 4 filing. The filing also shows the entity acquired 429,957 Pre-Funded Warrants, 1,783,582 Series A Common Stock Warrants and 1,783,582 Series B Common Stock Warrants. The block purchase followed a one-week price rise of 10.92 percent for the stock, though shares remain down 58.75 percent over the past six months. The filing notes Michael C. Skaff serves as Managing Director of SP Manager LLC, the manager of V-Co Investors 3 LLC.
- Pale Fire Capital SE and related entities - Phreesia, Inc. (NASDAQ: PHR): Pale Fire Capital and affiliated accounts disclosed a sequence of purchases totaling $10.4 million of Phreesia common stock executed between March 31, 2026 and April 2, 2026. On March 31, 2026 the group acquired 1,000,500 shares at prices ranging from $7.7780 to $8.3039. On April 1, 2026 it purchased 168,764 shares at prices between $8.4080 and $8.5269. On April 2, 2026 an additional 106,236 shares were obtained at $8.3061 per share.
- Marshall T. Reynolds - First Guaranty Bancshares, Inc. (NASDAQ: FGBI): Marshall T. Reynolds, a director of First Guaranty Bancshares, bought 32,176 shares of common stock on March 31, 2026 at $7.77 per share, a transaction valued at $250,007. The company’s stock has since traded at $9.20, representing a 64 percent year-to-date gain. Following the purchase, Reynolds directly owns 2,025,997 shares of First Guaranty Bancshares. The filing also lists additional holdings Reynolds indirectly controls through affiliates and trusts: 8,460 shares held by Reynolds Capital Partners; 693 shares by Purple Cap, LLC; 49,806 shares by the M.T. Reynolds Irrevocable Trust; 49,909 shares held for grandchildren; 6,655 shares by Champion Leasing Corp.; and 624 shares by The Harrah & Reynolds Corp. The filing states Reynolds disclaims beneficial ownership of those securities except to the extent of his pecuniary interest.
- David Angulo Gonzalez - Scynexis INC (NASDAQ: SCYX): Scynexis Chief Executive Officer David Angulo Gonzalez participated in a private placement tied to a Securities Purchase Agreement, acquiring 108,695 shares of common stock at $0.92 per share on April 1, 2026, for an approximate total of $100,000. The transaction included warrants allowing purchase of an additional 108,695 shares, and the combined purchase price for each share and accompanying warrant was $0.92. At the time of the disclosure the stock was trading at $0.89 and had posted a 40 percent year-to-date return.
Top sales
- Michael N. Intrator - CoreWeave, Inc. (CRWV): CoreWeave CEO and President Michael N. Intrator sold 77,939 shares of Class A Common Stock on March 31, 2026 at $74.05 per share, transactions that together totaled approximately $5.77 million, per a Form 4 filing. The filing indicates Intrator also exercised options to acquire 140,338 shares of Class A Common Stock. The paperwork shows 109,360 and 30,978 Restricted Stock Units were converted into Class A Common Stock as part of the transactions. CoreWeave shares were trading at $82.25 after the sale, though the stock has declined 39 percent over the past six months.
- Matthew Siegel - Outfront Media (NASDAQ: OUT): Outfront Media’s Executive Vice President and Chief Financial Officer Matthew Siegel sold 50,000 shares of common stock on March 31, 2026 for proceeds of $1.29 million. The shares were sold at weighted average prices ranging between $25.51 and $26.09. The sale coincided with the stock trading near its 52-week high of $29.27, after a one-year gain of roughly 75 percent. Following the transaction Siegel directly owns 289,925 shares of Outfront Media.
- Reed Hastings - NETFLIX INC (NASDAQ: NFLX): Reed Hastings, a director of Netflix, disposed of 393,950 shares of common stock on April 1, 2026, in multiple transactions with prices ranging from $95.015 to $96.6601, producing gross proceeds of $40.1 million. On the same day Hastings exercised options to acquire 420,550 shares of Netflix common stock at a strike price of $9.437, a transaction with a total exercise value of $3,968,730.
- Adena T. Friedman - Nasdaq, Inc. (NASDAQ: NDAQ): Nasdaq Chair and CEO Adena T. Friedman sold 113,611 shares of common stock on April 1, 2026, at a weighted average price of $85.44 per share, yielding proceeds of $9,706,923. The sales occurred across price points ranging from $85.00 to $85.88. On the same day Friedman exercised employee stock options to purchase 113,611 shares at $22.22 each, for a total exercise cost of $2,524,436.
- Martine Rothblatt - United Therapeutics (NASDAQ: UTHR): United Therapeutics’ Chairperson and CEO Martine Rothblatt sold $5.5 million worth of common stock on April 1, 2026 in multiple transactions with prices between $570.8668 and $596.1083. Concurrently Rothblatt exercised stock options for 9,500 shares of United Therapeutics common stock at a price of $146.03 per share, producing a total exercise value of $1,387,285.
Context and interpretation
The filings show a mixture of concentrated buying at smaller capitalization healthcare and software-related names and routine sales and option exercises among senior executives at larger, more liquid companies. The transactions include private placement participation with accompanying warrants, option exercises that converted to common shares, and outright secondary market sales at differing price levels.
Investors and observers often monitor such filings because they represent transactions by individuals with intimate knowledge of company operations and strategy. Purchases are frequently viewed as an expression of confidence in a company’s future prospects, while sales can reflect varied motivations unrelated to a firm’s near-term outlook.
It is important to note that insider sales are not necessarily an indication of negative sentiment toward a company. Executives and directors may sell shares to meet personal financial planning needs, to satisfy tax obligations, or to diversify holdings. Conversely, purchases may be structured as part of private placements or linked to warrant issuances and option exercises, which affect the economics of the transactions.
Tracking these disclosures provides market participants with direct evidence of how those closest to a company are allocating capital across holdings, but such information should be considered alongside other fundamental and market data when forming an investment view.