Insider Trading Signals — December 9, 2025 — Daily Snapshot

Executive Summary

Insider filings for December 9, 2025 show a split tape: a few clear, directional open-market trades surrounded by very large administrative equity moves and returns.

Open-market activity tilts slightly bearish: 6 purchases (~$742K) versus 10 sales (~$1.2M), for a net open-market flow around -$438K. The most directional signals come from 10% owners rotating exposure across funds (ASA, MXF, MEGI), a sizeable CEO/founder buy at NRDY, and meaningful sales from senior executives and 10% holders at AFL, ALMU, JBHT and OABI.

At the same time, total dollar volume is dominated by non-open-market actions: large “D-Return” and award transactions at AKRO and VOR that look more like equity restructurings and compensation events than classic buy/sell signals.

Activity Breakdown

Net open-market signal (P vs S only):

• Purchases (P): 6 trades, ~$742K
• Sales (S): 10 trades, ~$1.2M
• Net: roughly -$438K → mixed to slightly bearish on today’s open-market tape

Most of the notional value sits in awards, returns and exempt events, not classic open-market buying or selling.

Top Notable Transactions

Below are the 16 most notable open-market purchases and sales, ranked by transaction value.

1. 🟢 ASA — Strong Bullish Signal (10% owner accumulation)
   • Insider: Saba Capital Management, L.P. (10 percent owner)
   • Transaction: Purchase of 7,542 shares @ $52.40
   • Value: $395K
   • Context: Activist/10% holder adding to a closed-end fund position. Percentage of reported holdings is small, but the dollar size is meaningful and clearly directional.
   • SEC filing: Link
2. 🔴 AFL — Strong Bearish Signal (CFO sale)
   • Insider: Steven Kent Beaver, EVP & CFO Aflac Japan
   • Transaction: Sale of 3,452 shares @ $109.26
   • Value: $377K
   • Context: Senior finance executive trims stake; the sale represents roughly 7%+ of estimated holdings, giving this sale more weight than a small routine trade.
   • SEC filing: Link
3. 🔴 ALMU — Strong Bearish Signal (10% owner reduces stake)
   • Insider: Mark N. Tompkins, 10 percent owner
   • Transaction: Sale of 18,500 shares @ $16.37
   • Value: $303K
   • Context: Largest of three sales this holder files in this batch, pointing to a deliberate reduction, even if each trade is a small fraction of overall ownership.
   • SEC filing: Link
4. 🔴 JBHT — Strong Bearish Signal (very large % of holdings sold)
   • Insider: David Keefauver, EVP of People
   • Transaction: Sale of 1,588 shares @ $189.30
   • Value: $301K
   • Context: Small in absolute share count, but estimated to be over 70% of this insider’s reported holdings—making it a high-impact personal de-risking move.
   • SEC filing: Link
5. 🟢 NRDY — Moderate Bullish Signal (founder/CEO/10% owner buy)
   • Insider: Charles K. Cohn, director, 10 percent owner, Chief Executive Officer
   • Transaction: Purchase of 177,969 shares @ $1.40
   • Value: $249K
   • Context: Founder/CEO/10% holder adds to an already very large position (well over 30M shares post-trade). Dollar size is solid; percentage of holdings is modest but still a clear vote of confidence.
   • SEC filing: Link
6. 🔴 MOGA/MOGB — Strong Bearish Signal (director exits position)
   • Insider: Donald R. Fishback, director
   • Transaction: Sale of 253 shares @ $220.15
   • Value: $56K
   • Context: Numerically small, but the filing suggests 100% of this insider’s holdings were sold, which makes it a clean exit rather than a trim.
   • SEC filing: Link
7. 🟢 MXF — Weak Bullish Signal (10% owner adds)
   • Insider: Saba Capital Management, L.P. (10 percent owner)
   • Transaction: Purchase of 2,403 shares @ $19.63
   • Value: $47K
   • Context: Smaller companion buy to the larger ASA transaction, consistent with a broader allocation theme by the same 10% owner across multiple funds.
   • SEC filing: Link
8. 🔴 OABI — Strong Bearish Signal (CFO sale)
   • Insider: Kurt A. Gustafson, Executive VP, Finance and CFO
   • Transaction: Sale of 23,922 shares @ $1.96
   • Value: $47K
   • Context: CFO reduces holdings by an estimated 8–9%, accompanied by exempt transactions (M-Exempt) that look like equity plan activity. The open-market sale itself is a clear, if modest-sized, negative signal.
   • SEC filing: Link
9. 🔴 OABI — Weak Bearish Signal (CEO/President sale)
   • Insider: Matthew W. Foehr, President & CEO, director
   • Transaction: Sale of 13,666 shares @ $1.96
   • Value: $27K
   • Context: Smaller sale relative to total stake (fraction of a percent), but it adds to a cluster of C-suite selling at the same issuer, which is worth monitoring.
   • SEC filing: Link
10. 🔴 ALMU — Weak-to-Moderate Bearish Signal (additional trims)
    • Insider: Mark N. Tompkins, 10 percent owner
    • Transactions: Two smaller sales (1,610 and 988 shares) totalling ~$43K
    • Context: Together with the larger sale above, these trades form a sequence of three reductions over several days—consistent with structured profit-taking by a large holder.
    • SEC filings: Example
11. 🟢 MSCI — Weak Bullish Signal (CEO token buy)
    • Insider: Henry A. Fernandez, Chairman & CEO
    • Transaction: Purchase of 40 shares @ $541.90
    • Value: $22K
    • Context: Very small relative to overall stake, but open-market CEO purchases are rare enough to note, even when symbolic in size.
    • SEC filing: Link
12. 🟢 SINT — Weak Bullish Signal (CIO buy)
    • Insider: Gregg R. Honigblum, Chief Investment Officer & director
    • Transaction: Purchase of 5,000 shares @ $4.24
    • Value: $21K
    • Context: Modest but straightforward open-market purchase by a key investment decision-maker, increasing holdings by a few percent.
    • SEC filing: Link
13. 🔴 OABI — Moderate Bearish Signal (Chief Legal Officer sale)
    • Insider: Charles S. Berkman, Chief Legal Officer
    • Transaction: Sale of 8,044 shares @ $1.96
    • Value: $16K
    • Context: Legal head trims around 2% of reported holdings. On its own this is not dramatic, but combined with CFO and CEO selling it strengthens the bearish tilt at OABI.
    • SEC filing: Link
14. 🔴 MEGI — Weak Bearish Signal (10% owner rotation)
    • Insider: Saba Capital Management, L.P. (10 percent owner)
    • Transaction: Sale of 800 shares @ $13.80
    • Value: $11K
    • Context: Small sale likely tied to the same capital rotation driving larger buys in ASA and MXF; net-net, Saba appears to be shifting exposure rather than exiting the space.
    • SEC filing: Link
15. 🟢 RHEP — Weak Bullish Signal (CEO/President adds)
    • Insider: Brent Morrison, CEO, President & director
    • Transaction: Purchase of 5,403 shares @ $1.41
    • Value: $8K
    • Context: Small in dollars but boosts the CEO’s reported holdings by nearly 3%, signalling alignment, especially for a thinner-traded name.
    • SEC filing: Link
16. 🔴 Aggregate ALMU flow — Strong Bearish at the issuer level
    • Insider: Mark N. Tompkins, 10 percent owner
    • Combined open-market sales across three filings: ~$346K
    • Context: While each sale is a small slice of a multi-million-share position, the repeated trimming pattern and total value put ALMU among the heavier net-selling names in today’s tape.

Pattern Analysis

1. Large administrative equity moves at AKRO and VOR (mostly neutral)

• AKRO shows a cluster of 14 “D-Return” transactions involving multiple directors and officers, with individual notional values running into the hundreds of thousands and in some cases millions of dollars.
• VOR shows a blend of “D-Return” and “A-Award” transactions for the CEO/Chairman, CFO and Chief Development Officer, with very large share counts.
• Because these are “D” and “A” type events—often associated with equity restructurings, plan settlements or corporate actions—they read as administrative rather than directional. They dominate dollar volume but not the buy/sell signal.

2. 10% owners drive much of the directional tape

• 10 percent owners are active across ASA, MXF, MEGI, ALMU and NRDY, with a mix of buys and sells.
• Saba Capital Management, L.P. (10% owner in several closed-end funds) shows net buying of roughly $430K across ASA and MXF, partially offset by a smaller sale in MEGI—a rotation rather than a wholesale exit.
• At ALMU, the 10% owner trims roughly $346K across three sales, making it one of the day’s more notable net-selling stories.

3. C-suite and finance leadership lean mildly bearish

• AFL: The CFO’s ~$377K sale is a classic high-signal event given the seniority and stake reduction.
• OABI: The CFO, CEO/President and Chief Legal Officer all appear with a mix of exempt plan activity and open-market sales. While dollar amounts are moderate, the breadth across the C-suite tilts the narrative bearish.
• JBHT: An EVP of People sells a relatively small number of shares but an unusually large percentage of their reported holdings (>70%), making it a personally significant de-risking trade.

4. Targeted CEO/founder buying where conviction is highest

• NRDY: Founder/CEO/10% owner adds nearly 178K shares in a single purchase, signalling continued conviction despite already very large ownership.
• MSCI and RHEP: CEOs make small, symbolic buys that barely move their overall stakes but still signal alignment, especially in smaller or less liquid names.
• SINT: CIO/director buying is modest but positive, particularly for investors who watch insider activity in smaller growth or turnaround stories.

“Sector” / Cluster Breakdown (by where activity is concentrated)

While this snapshot doesn’t label sectors explicitly, a few clusters by ticker stand out:

• Corporate-event cluster (AKRO, VOR):
  Heavy use of “D-Return” and “A-Award” codes concentrated in two tickers suggests company-specific corporate or equity plan events, not broad market sentiment.
• Fund/vehicle cluster (ASA, MXF, MEGI):
  Multiple closed-end funds share a common 10% owner (Saba Capital). The pattern looks like capital rotation across vehicles, with net buying overall.
• Issuer-level selling clusters (AFL, ALMU, OABI, JBHT):
  Each of these names shows concentrated selling by senior insiders or large holders, giving them outsized importance relative to their individual trade sizes.
• Isolated but positive small/mid-cap signals (NRDY, SINT, RHEP):
  These issuers each see one notable buy by a key decision-maker, useful for investors who track single-name setups in smaller companies.

Market Implications

Overall, today’s insider activity reads as “micro-driven” rather than a broad macro signal. The heavy dollar flows in corporate restructurings at AKRO and VOR are best treated as noise for directional trading, while the smaller subset of open-market trades carries the true informational content.

Within that directional subset, the tape leans slightly bearish: more sales than purchases and a modest net dollar outflow. Selling is led by C-suite and 10% holders at AFL, ALMU, JBHT and OABI. None of these sales are large enough on their own to be “alarm bells,” but together they suggest a bit of de-risking among senior insiders.

On the positive side, selective conviction buying by founders, CEOs and 10% owners—particularly at NRDY and across Saba’s fund complex (ASA, MXF)—shows that some insiders still see attractive risk/reward in specific pockets. For investors, this argues for a name-by-name interpretation of today’s filings rather than a single directional call on the broader market.

Key Takeaways

• Administrative events dominate notional volume: Large “D-Return” and award flows at AKRO and VOR are likely corporate-event noise, not classic buy/sell signals.
• Net open-market flow is modestly bearish: 6 buys vs 10 sells and roughly -$438K in net open-market value suggest mild insider de-risking.
• 10% owners are the loudest voices: Saba Capital rotates across ASA/MXF/MEGI with net buying, while ALMU’s 10% holder executes a meaningful series of trims.
• C-suite selling worth monitoring: CFO and CEO-level sales at AFL, OABI and JBHT carry more informational weight than junior officer trades.
• Conviction buys are selective, not broad: Founder/CEO buying at NRDY and smaller CEO/CIO purchases (MSCI, SINT, RHEP) highlight idiosyncratic long-term confidence, not a sweeping insider “all clear.”

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