Spencer Ryan, CEO and Director, has demonstrated a clear selling bias in his insider transactions, with $3.52 million in total sales compared to just $3,799 in purchases across 38 reported trades. His activity is concentrated in two biotech firms: Dynavax Technologies (DVAX) and Cidara Therapeutics (CDTX). The most significant transactions occurred in DVAX, including a $2.13 million sale on December 24, 2025, and a $472,307 sale on February 18, 2025—both coded as "F" for dispositions under Rule 16b-3. These large dispositions contrast sharply with Ryan’s minimal buying activity, which consists of small, sporadic acquisitions.
Recent filings show no new buys or sells in 2026, though Ryan executed multiple transactions coded as dispositions ("D"), acquisitions ("A"), and other ("U") in DVAX and CDTX on February 10 and January 7, respectively, all with reported values of $0—likely representing adjustments or non-monetary transfers. The absence of recent high-value sales suggests a potential shift in Ryan’s trading behavior, but his historical pattern remains overwhelmingly weighted toward divestment. The lack of diversification across companies further underscores his focus on these two biotech holdings, with DVAX accounting for the bulk of his monetized equity.
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