Insider Trading Report: January 05, 2026 — Notable Transactions

Form 4 filings submitted to the SEC on January 5, 2026, reveal a diverse mix of insider activity across multiple sectors, ranging from healthcare and energy to biotechnology and financial services. The day's filings include significant stock awards tied to compensation packages, routine tax withholding transactions, and several noteworthy open-market purchases that signal insider confidence in their respective companies.

Notable highlights include an open-market purchase at Greenwich LifeSciences by CEO Snehal Patel totaling over $91,000, multiple director awards at Graco Inc. ($13.70B market cap), and substantial tax withholding transactions at White Mountains Insurance Group ($5.19B market cap) and Humana ($31.82B market cap). The transactions span small-cap biotechs to large-cap industrials and healthcare companies, offering a snapshot of insider sentiment across the market.

Notable Insider Transactions

Humana Inc. (HUM) - $31.82B Market Cap

Transaction Details:

• Insider: Michelle A. O'Hara — Chief Human Resources Officer
• Transaction Type: Tax Payment (F-InKind)
• Shares: 1,093 shares at $258.87
• Total Value: $282,942.18
• Filing Date: January 05, 2026
• Transaction Date: January 01, 2026
• Ownership After: 9,541 shares

Recent Developments:

• December 30, 2025: Zacks Investment Research published an analysis titled "Why Humana Deserves Patience Now: Too Early to Buy, Too Risky to Sell," noting that HUM faces Medicare Advantage pressures capping near-term upside but shows resilience versus peers, arguing for patience rather than panic.
• December 26, 2025: Zacks highlighted Humana as a "Top Value Stock for the Long-Term," emphasizing its value characteristics using the Zacks Style Scores framework.
• Multiple institutional buying activity reported, with Continuum Advisory LLC increasing its position by 12.4% in recent quarters.

Context:
This F-InKind transaction represents tax withholding on equity compensation, a routine and neutral event typically associated with stock award vesting. The transaction reduced O'Hara's holdings by approximately 10%, though she retains a meaningful 9,541-share position. Humana faces industry headwinds from Medicare Advantage pressures but maintains analyst attention as a long-term value play in the health insurance sector.

White Mountains Insurance Group (WTM) - $5.19B Market Cap

Transaction Details:

• Insider: Michaela Hildreth — MD & Chief Accounting Officer
• Transaction Type: Tax Payment (F-InKind)
• Shares: 274 shares at $2,078.03
• Total Value: $569,380.22
• Filing Date: January 05, 2026
• Transaction Date: January 01, 2026
• Ownership After: 2,491 shares

Recent Developments:

• December 24, 2025: White Mountains announced final results of its "modified Dutch auction" tender offer, completing a significant share buyback program.
• December 22, 2025: White Mountains disclosed preliminary results of the tender offer to purchase up to a specified number of shares from existing stockholders.

Context:
This is the highest-value transaction in the January 5 filing batch, though it reflects tax withholding rather than discretionary selling. The timing coincides with White Mountains' completion of its tender offer, demonstrating the company's capital allocation strategy. Hildreth retains a substantial 2,491-share position valued at approximately $5.2 million at current prices, reflecting meaningful executive ownership alignment.

Nabors Industries (NBR) - $806.69M Market Cap

Transaction Details:

• Insider: Anthony G. Petrello — Chairman, President & CEO
• Transaction Type: Tax Payment (F-InKind)
• Shares: 6,462 shares at $54.30
• Total Value: $350,886.60
• Filing Date: January 05, 2026
• Transaction Date: January 01, 2026
• Ownership After: 107,309 shares

Recent Developments:

• December 30, 2025: Defense World reported that Nabors Industries stock passed above its 200-day moving average, a technical milestone suggesting positive momentum. The stock has a 200-day moving average of $41.08 and recently traded above this level.

Context:
Petrello executed multiple transactions on January 1, including stock awards, option exercises, and this tax withholding payment. The cluster of activity reflects year-end equity compensation events common among executives. Despite the F-InKind transaction, Petrello maintains a substantial 107,309-share position, demonstrating strong ownership alignment with shareholders. The stock's technical breakout above its 200-day moving average adds positive context to the insider's long-term commitment.

First Financial Corporation Indiana (THFF) - $705.35M Market Cap

Transaction Details:

• Insider: Norman D. Lowery — Director, President & CEO
• Transaction Type: Tax Payment (F-InKind)
• Shares: 2,700 shares at $60.42
• Total Value: $163,134.00
• Filing Date: January 05, 2026
• Transaction Date: January 02, 2026
• Ownership After: 37,959 shares

Recent Developments:

• January 4, 2026: First Financial Corporation Indiana received an average recommendation of "Moderate Buy" from five brokerages currently covering the stock, according to MarketBeat data.
• December 22, 2025: Zacks Investment Research featured THFF in an article titled "4 Bank Stocks With Recent Dividend Hikes to Keep an Eye On," highlighting the company's recent dividend increase and positioning it as an income play amid cautious market optimism.

Context:
Multiple First Financial executives executed F-InKind tax withholding transactions on January 2, reflecting coordinated equity compensation vesting events. Lowery's transaction represents the largest among the executive team, and he retains a meaningful 37,959-share position valued at approximately $2.3 million. The company's recent dividend hike and positive analyst ratings provide a supportive backdrop for insider equity holdings in the regional banking sector.

Greenwich LifeSciences (GLSI) - $269.53M Market Cap

Transaction Details:

• Insider: Snehal Patel — Director, 10% Owner, CEO and CFO
• Transaction Type: Open-Market Purchase (P-Purchase)
• Shares: 4,300 shares at $21.36
• Total Value: $91,848.00
• Filing Date: January 05, 2026
• Transaction Date: December 31, 2025
• Ownership After: 5,599,402 shares

Recent Developments:

• December 29, 2025: Greenwich LifeSciences announced an extension of the lock-up period for directors and officers to September 30, 2026, signaling strong insider conviction and commitment to long-term value creation.
• December 26, 2025: Benzinga reported that Greenwich LifeSciences stock hit a new 52-week high, with the company streamlining its Phase 3 FLAMINGO-01 trial for breast cancer treatment.
• December 22, 2025: The company provided additional updates on FLAMINGO-01 and its corporate strategy, highlighting progress in its clinical-stage biopharmaceutical development.

Context:
This is one of the few open-market purchases in the January 5 filing batch, making it particularly noteworthy. CEO Patel's decision to acquire additional shares at $21.36 demonstrates strong confidence in the company's prospects, especially in the context of the recently extended insider lock-up period and the streamlined Phase 3 clinical trial. Patel's ownership now exceeds 5.59 million shares, representing a dominant insider stake and strong alignment with shareholder interests. The stock's momentum to 52-week highs adds positive context to this bullish insider signal.

Graco Inc. (GGG) - $13.70B Market Cap

Transaction Details:

• Insider: J. Kevin Gilligan — Director
• Transaction Type: Stock Award (A-Award)
• Shares: 407.16 shares
• Filing Date: January 05, 2026
• Transaction Date: January 01, 2026
• Ownership After: 97,677.39 shares

Recent Developments:

• January 2, 2026: Graco announced that it will release its Fourth Quarter 2025 earnings after the New York Stock Exchange closes on Monday, January 26, 2026, with a conference call to follow.
• December 31, 2025: Defense World published a financial survey comparing Kadant (KAI) and Graco (GGG), contrasting the two industrials companies.
• December 22, 2025: Seeking Alpha featured an analysis titled "Graco: Long-Term Consistency Despite Near-Term Weakness," highlighting the company's 28-year dividend growth streak, robust safety metrics, no long-term debt, and diversified niche product portfolio.

Context:
Seven Graco directors received stock awards on January 1, 2026, as part of the company's standard director compensation structure. These grants are routine and reflect the board's equity-based compensation policy rather than discretionary purchases. Gilligan's award is among the largest in the group, and he maintains a substantial 97,677-share position. Graco's long-term dividend growth track record and debt-free balance sheet provide a stable foundation for equity-based compensation programs, even as the company navigates near-term market softness.

Hyperfine Inc. (HYPD) - Market Cap N/A

Transaction Details:

• Insider: David R. Knox — Chief Financial Officer
• Transaction Type: Open-Market Purchase (P-Purchase)
• Shares: 27,950 shares at $3.59
• Total Value: $100,340.50
• Filing Date: January 05, 2026
• Transaction Date: December 31, 2025
• Ownership After: 327,950 shares

Recent Developments:

• No recent news available for HYPD.

Context:
CFO Knox's six-figure open-market purchase on the last trading day of 2025 represents a strong vote of confidence in Hyperfine's prospects entering 2026. The transaction increased Knox's holdings to 327,950 shares, demonstrating meaningful financial commitment. While no recent news catalysts are publicly available, the size and timing of this purchase—executed at year-end—suggest the CFO sees attractive value at the $3.59 price level. Open-market purchases by CFOs carry particular weight, as these insiders have direct visibility into financial performance and strategic developments.

MAIA Biotechnology (MAIA) - $59.25M Market Cap

Transaction Details:

• Insiders: Multiple Board Members
• Transaction Type: Stock Award (A-Award)
• Notable Transactions:
  • Ngar Yee Louie (Director): 29,789 shares at $1.53 = $45,577.17
  • Stan Smith (Director): 29,216 shares at $1.53 = $44,700.48
  • Cristian Luput (Director): 25,206 shares at $1.53 = $38,565.18
• Filing Date: January 05, 2026
• Transaction Date: December 31, 2025

Recent Developments:

• December 24, 2025: MAIA Biotechnology announced that board members continue to participate in private placement financings, with the company stating that "purchases reflect strong confidence in the scientific differentiation and commercial potential of ateganosine," the company's lead drug candidate.

Context:
Six MAIA Biotechnology directors received stock awards on December 31, 2025, likely as part of private placement participation or board compensation tied to the company's financing activities. The December 24 announcement explicitly highlighted board members' continued financial support through private placements, framing these transactions as confidence signals in the company's ateganosine development program. While these are awards rather than open-market purchases, the board's willingness to participate in dilutive financings at $1.53 per share suggests alignment with the company's capital-raising strategy and long-term clinical development timeline.

Full Transaction Table

Market Themes

Compensation-Driven Activity Dominates: The vast majority of transactions filed on January 5, 2026, relate to equity compensation events—stock awards, option exercises, and tax withholding—rather than discretionary buying or selling. This pattern is typical for early January filings, as many companies process year-end equity grants and executives exercise vested options.

Open-Market Purchases Signal Confidence: Despite the prevalence of compensation-related transactions, several notable open-market purchases stand out. Greenwich LifeSciences CEO Snehal Patel's $91,848 purchase and Hyperfine CFO David Knox's $100,340 purchase demonstrate insider conviction during a period when such discretionary buying is relatively rare. These purchases carry particular weight given the insiders' access to company-specific information and financial performance data.

Healthcare and Industrials Lead Activity: Large-cap healthcare companies like Humana ($31.82B) and industrial manufacturers like Graco ($13.70B) dominate the filing activity by market capitalization, reflecting the prevalence of established compensation structures at mature companies. Smaller biotechnology firms like Greenwich LifeSciences and MAIA Biotechnology contribute to the overall filing volume, often tied to financing activities or board compensation in shares.

Tax Withholding Reflects Year-End Vesting: Multiple high-value F-InKind (tax payment in shares) transactions occurred on January 1 and January 2, suggesting coordinated year-end equity vesting events across companies. These transactions are routine and neutral from a sentiment perspective, though they demonstrate the ongoing use of equity-based compensation as a tool for executive retention and alignment.

How to Interpret Insider Trading

Form 4 Filings: Corporate insiders—including officers, directors, and 10% shareholders—must file Form 4 with the SEC within two business days of executing transactions in their company's stock. These filings provide transparency into insider activity and are closely monitored by investors for potential signals about company prospects.

Transaction Types Matter: Insider purchases (P-Purchase) are generally viewed as bullish signals, as insiders are voluntarily deploying personal capital to acquire shares. Sales (S-Sale) can be neutral or bearish depending on context; many sales are pre-planned for diversification or tax purposes rather than reflecting negative views. Stock awards (A-Award) and tax payments (F-InKind) are routine compensation events and typically carry no sentiment signal.

Context is Critical: The significance of any insider transaction depends on multiple factors: the size of the transaction relative to the insider's total holdings, whether multiple insiders are acting in concert, the timing relative to corporate events or earnings releases, and the insider's role (CEOs and CFOs often have superior information compared to outside directors).

This is Informational Only: Insider trading data provides one data point among many for evaluating investment opportunities. It should never be used in isolation, and this report is not financial advice. Always conduct thorough due diligence and consult with qualified financial professionals before making investment decisions.

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