A Baker Bros. Double – Insider Weekends

Madrigal Pharmaceuticals, Inc. (MDGL): $399.63 and Kodiak Sciences Inc (KOD): $99.3

Market Caps: $9.28B and $6.23B

Enterprise Values: $8.68B and $6.16B

Introduction

On our recent podcast episode with Jesse Felder, we spoke extensively about insider activity and how signals from insider purchases have changed greatly over the last couple of decades. Rather than keeping an eye out for insider purchases at any one business, insider activity seems to yield the best signal when you look at themes, such as insider buying and selling in aggregate, which we track every week in these Insider Weekends articles. Other patterns we like to look for are independent directors with an investing background and/or deep industry experience purchasing shares, or founder-CEOs who have remained with a business through multiple market cycles buying stock.

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