Eric Benevich, Chief Commercial Officer, has filed 43 Form 4 transactions across two companies, with a pronounced sell-side bias. Over the tracked period, he has recorded zero open-market purchases and zero acquisitions, while executing open-market sales totaling $25.3 million. The bulk of his activity centers on Neurocrine Biosciences (NBIX), where a pattern of routine option exercises paired with share sales is evident. For instance, on November 28, 2025, he exercised options valued at $214,860 and immediately sold shares worth $905,880. Similar paired transactions occurred on February 13, 2025, with sales of $123,244 and $128,182, and on January 31, 2025, with a sale of $184,598. These are classic exercise-and-sell dispositions, not indicative of a directional bet against the stock.
More recent filings, however, show a shift away from open-market sales entirely. The five most recent transactions, spanning February 12–May 11, 2026, consist entirely of compensatory grants (code A) and automatic tax-withholding events (code F) on NBIX shares, plus a single grant in aTyr Pharma (ATYR) on May 11, 2026. The F-transactions—valued at $1.11 million, $139,510, $131,318, and $133,194—represent shares withheld to cover tax obligations from vested equity, not discretionary selling. No open-market sales have been reported since November 2025, and no purchases have ever been recorded. The data suggests Benevich’s selling activity was concentrated in early 2025, tapering off entirely by late 2025, with recent filings reflecting only routine compensation mechanics rather than active portfolio repositioning.
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