Insider Trading Signals — December 22, 2025 — Daily Snapshot

Executive Summary

December 22, 2025 delivered one of the most bearish insider trading days in recent memory, with executive sales totaling $16.6M overwhelming purchases of just $512K—a staggering 32:1 selling ratio representing -$16.1M in net selling pressure. The headline transaction came from White Mountains Insurance Group CEO George Manning Rountree selling $10.25M worth of shares, the largest single insider sale in months. TE Connectivity CEO Terrence Curtin added to the bearish sentiment with two separate sales totaling $5.9M. The only notable bullish signal emerged from Immunome (IMNM), where both the CEO and CTO made substantial open-market purchases totaling $354K, suggesting strong conviction in the biotech's prospects.

Activity Breakdown

Net Signal: Extremely Bearish (7 sales vs 9 purchases, but -$16.1M net selling)

Top Notable Transactions

1. 🔴 White Mountains Insurance (WTM) - Strong Bearish Signal

   • Insider: George Manning Rountree, CEO & Director
   • Transaction: Sale of 5,000 shares @ $2,050.00
   • Value: $10,250,000
   • Context: Largest insider sale of the day and one of the biggest in recent months. CEO reduces position by $10.25M while retaining 13,809 shares. Massive liquidation by chief executive signals potential concern or portfolio rebalancing at specialty insurance firm.

2. 🔴 TE Connectivity (TEL) - Strong Bearish Signal

   • Insider: Terrence R. Curtin, CEO & Director (2 separate transactions)
   • Transaction: Combined sale of 26,102 shares @ avg $227.03
   • Value: $5,932,691 total ($3,584,433 + $2,348,258)
   • Context: CEO executes two large sales on same day, representing significant position reduction at industrial technology connector manufacturer. Combined with WTM sale, creates over $16M in C-suite selling pressure.

3. 🟢 Immunome (IMNM) - Strong Bullish Signal

   • Insiders: Clay B. Siegall (CEO & Director) + Philip Tsai (CTO)
   • Transaction: CEO purchased 7,278 shares @ $20.48, CTO purchased 10,000 shares @ $20.49
   • Value: $353,953 combined ($149,053 + $204,900)
   • Context: Cluster buying at biotech with both CEO and CTO making substantial open-market purchases on same day. CEO also made a gift transaction. Strongest bullish signal of the day, suggesting confidence in clinical pipeline or upcoming catalysts.

4. 🔴 Brady Corporation (BRC) - Moderate Bearish Signal

   • Insider: Ann Thornton, CFO & Treasurer
   • Transaction: Sale of 4,080 shares @ $81.95 + option exercise of 4,080 shares @ $53.50
   • Value: $334,356 (sale proceeds)
   • Context: CFO exercises options and immediately sells shares, classic exercise-and-sell pattern. While partially routine, the $334K sale adds to overall bearish tone.

5. 🟢 Hydaptive (HYPD) - Moderate Bullish Signal

   • Insider: Ellen R. Strahlman, Director
   • Transaction: Purchase of 19,702 shares @ $3.14
   • Value: $61,835
   • Context: Director makes sizable purchase at healthcare/medical device company, third-largest purchase of the day.

6. 🟢 Cosmos Health (COSM) - Moderate Bullish Signal

   • Insider: Grigorios Siokas, CEO, Director, 10% Owner
   • Transaction: Purchase of 88,314 shares @ $0.49
   • Value: $43,000
   • Context: CEO adds to already substantial position (over 10% ownership) in pharmaceutical company, showing confidence despite penny stock pricing.

7. 🔴 Artesian Resources (ARTNA) - Weak Bearish Signal

   • Insider: Dian C. Taylor, Director
   • Transaction: Sale of 2,224 shares @ $31.73
   • Value: $70,561
   • Context: Director reduces position in water utility company; relatively small transaction but adds to selling pressure.

8. 🟢 NetSTREIT (NTST) - Weak Bullish Signal

   • Insider: Daniel P. Donlan, CFO & Treasurer
   • Transaction: Purchase of 1,000 shares @ $17.40
   • Value: $17,396
   • Context: CFO adds to position in retail REIT, showing confidence in real estate portfolio.

9. 🟢 Lument Finance Trust (LFT) - Weak Bullish Signal

   • Insider: Walter C. Keenan, Director (2 transactions)
   • Transaction: Purchase of 10,000 shares total @ avg $1.49
   • Value: $14,908 combined
   • Context: Director makes two separate purchases on same day at real estate finance company, showing commitment.

10. 🟢 Cushing MLP & Infrastructure Total Return Fund (SRV) - Weak Bullish Signal

    • Insider: Andrea Mullins, Director
    • Transaction: Purchase of 400 shares @ $39.89
    • Value: $15,956
    • Context: Director adds to position in MLP fund; small transaction size limits signal strength.

Pattern Analysis

Mega CEO Selling Dominates ($16.6M in sales)

• Net Signal: Extremely Bearish
• Companies: WTM (CEO $10.25M), TEL (CEO $5.93M), BRC (CFO $334K), ARTNA (Director $71K)
• Context: Two CEOs alone accounted for $16.2M in sales, representing extraordinary liquidation by top executives. WTM's $10.25M sale is particularly notable as one of the largest single insider sales in recent months. When multiple C-suite executives sell large positions simultaneously, it often signals concern about valuations or company prospects.

Cluster Buying at Biotech IMNM (4 transactions)

• Net Signal: Strong Bullish
• Insiders: CEO and CTO both purchasing, plus 2 gift transactions
• Total Value: $354K in purchases
• Context: Both CEO Clay Siegall ($149K) and CTO Philip Tsai ($205K) made substantial open-market purchases on the same day, suggesting coordinated confidence or knowledge of positive developments. Cluster buying by senior executives is typically a stronger signal than individual purchases.

Routine Compensation Activity at CCRN (14 transactions)

• Net Signal: Neutral
• Context: Cross Country Healthcare had 14 award transactions, representing routine equity compensation grants across multiple employees. These are standard compensation packages with no discretionary signal.

Option Exercise Activity at OPRX (10 transactions)

• Net Signal: Mixed to Neutral
• Context: OptimizeRx had cluster of 10 transactions including option exercises (M), tax withholding (F), and one sale. CFO Edward Stelmakh had multiple transactions totaling net sale of $19K after exercises and tax withholding. Largely routine options activity.

Selling Outweighs Buying 32:1 by Dollar Value

• Net Signal: Extremely Bearish
• Context: Despite having 9 purchases vs 7 sales (favorable count), the dollar value tells the real story: $16.6M in sales vs $512K in purchases. This 32:1 ratio represents one of the most bearish ratios seen this year.

Sector Breakdown

Industrials/Technology (3 transactions)

• Net Signal: -$5.93M (strong bearish)
• Notable: TEL CEO double-sale of nearly $6M dominates sector
• Key mover: TEL (CEO selling)

Financials/Insurance (5 transactions)

• Net Signal: -$10.25M (extreme bearish)
• Notable: WTM CEO's $10.25M sale is largest transaction of the day and dominates financial sector
• Key movers: WTM (mega CEO sale), SRV (director buy)

Biotech/Healthcare (20 transactions)

• Net Signal: +$459K (bullish)
• Notable: IMNM cluster buying by CEO/CTO ($354K) provides strongest bullish signal. HYPD director purchase adds $62K. Offset by small OPRX selling.
• Key movers: IMNM (cluster buying), HYPD (director buy), COSM (CEO buy)

Staffing (14 transactions)

• Net Signal: Neutral
• Notable: CCRN's 14 award transactions are routine compensation
• Key mover: CCRN (compensation awards)

Real Estate (4 transactions)

• Net Signal: +$32K (weak bullish)
• Notable: Small purchases at NTST (CFO) and LFT (director)
• Key movers: NTST, LFT (small buys)

Utilities (1 transaction)

• Net Signal: -$71K (weak bearish)
• Notable: ARTNA director sale
• Key mover: ARTNA (director sale)

Market Implications

The extraordinary $16.6M in insider sales—dominated by two CEO mega-transactions totaling $16.2M—sends a strong bearish signal about executive confidence. When chief executives at well-established companies (WTM in specialty insurance, TEL in industrial connectors) liquidate millions of dollars in personal holdings, it warrants serious attention. While individual sales can reflect personal financial planning or diversification needs, the magnitude and clustering of C-suite selling on a single day is concerning.

The 32:1 selling-to-buying ratio by dollar value is particularly striking. Even though the transaction count favored purchases (9 vs 7), the overwhelming dollar imbalance reveals where true conviction lies. Insiders with the best information about their companies chose to liquidate $16.6M while their peers across the market deployed only $512K—a massive divergence that suggests caution about current valuations or near-term prospects.

The lone bright spot came from Immunome (IMNM), where both the CEO and Chief Technical Officer made substantial open-market purchases totaling $354K. Cluster buying by senior executives at a biotech typically signals confidence in clinical trial results, regulatory approvals, or partnership discussions. This $354K in coordinated buying stands in stark contrast to the broader market's executive selling and may warrant deeper investigation into IMNM's pipeline and upcoming catalysts.

The concentration of selling in just two transactions (WTM and TEL) means this bearish signal is not broad-based but rather reflects decisions by two specific executives. However, the absence of offsetting mega-purchases elsewhere in the market removes any bullish counterbalance. When insiders see compelling value, they typically deploy capital aggressively—the lack of such activity beyond IMNM suggests most insiders don't see attractive entry points at current levels.

Key Takeaways

• Extreme selling pressure: $16.6M in sales vs $512K in purchases creates alarming 32:1 ratio
• Mega CEO liquidation: WTM CEO sold $10.25M, TEL CEO sold $5.9M in coordinated selling
• IMNM cluster buying shines: Only strong bullish signal came from biotech CEO and CTO purchasing $354K
• Size matters: Two transactions alone ($16.2M) account for 93% of all selling volume
• No offsetting mega-buys: Absence of large purchases to counterbalance CEO selling amplifies bearish tone
• Sector concentration: Selling concentrated in financials/insurance and industrials/tech
• Rare extreme ratio: 32:1 selling ratio ranks among most bearish days of the year
• Cluster signals count: IMNM's coordinated CEO/CTO buying suggests potential catalyst ahead

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