Baynes Roy D.

Baynes Roy D. has been a consistent net seller across his Form 4 filings, with total open-market sales of approximately $5.36 million and zero purchases over the tracked period. His activity spans four companies, but the overwhelming majority of transactions cluster in two biopharmaceutical names: Travere Therapeutics (TVTX) and Natera (NTRA). The pattern is heavily skewed toward option exercises paired with same-day sales, a classic monetization structure in which shares acquired through exercised options are immediately liquidated. Between April and June 2026 alone, Baynes executed at least six TVTX sales totaling roughly $2.55 million, each matched with corresponding M-code exercises. The largest single disposition came on April 14, 2026, when two TVTX sales reached $1.07 million and $284,310, respectively, alongside four option exercises valued between $82,215 and $143,520. The NTRA sales, all occurring on November 20, 2025, added another $1.25 million in proceeds across three transactions ranging from $401,220 to $425,417. Notably, Baynes has not recorded a single open-market purchase (P-code) in any filing, and his recent activity through late June 2026 consists entirely of zero-value A-code grants and S-code sales. The most recent trades—two NTRA grants on June 26, 2026—carry no dollar value, indicating compensation awards rather than discretionary buying. This transactional mix—recurring option exercises, immediate sales, and no buy-side conviction—points to a systematic liquidation posture rather than accumulation. While the M-code exercises are mechanical and the A-code grants are compensatory, the consistent S-code sales across two tickers over eight months reflect a clear directional bias toward reducing exposure.