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Biotech / Medical : Agouron Pharmaceuticals (AGPH)
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To: Jphn Murray who wrote (722)5/11/1997 2:42:00 PM
From: Brad C. Dunlap   of 6136
 
Part of my daily routine is to review insider buy/sell on a real time basis as they are released form the sec. My experience has taught me not to jump to conclusions when you see insider selling in stocks that you own or are looking to short. As we all know there are many reasons for someone to sell [buying a house, paying for kids/grandkids college] and usually only one reason when they buy and that is to make money. Sometimes insiders will paint the tape and purposely show insider buying of token amounts hoping that their purchases show confidence in the company. But this behaviour is easy to uncover. If you followed the insiders of some of the best performing stocks in the past 5 years[Cicso, cabletron ,Stratecom etc.] you will find that in most cases insider selling was present and sometimes aggressive. When a stock appreciates in price like agph it is only normal for insiders to get excited just like the shareholders and sell in spite of the future prospects of the company. Don't get me wrong it is uncomfortable to see aggressive selling but I have found that insider selling for highly appreciated stocks is the norm. My red flag goes up when a stock has moved dramatically lower in price and the insiders start selling at 52 week lows such as what you had in Cascade Comm. Concerning Agph the sale of 71% of a directors holdings is a high % but I wouldn't get too concerned. There could be multiple reasons why he sold and maybe he has quite a few options and the reality is that it is not 71% of his potential holdings. I put more weight on the president or ceo and outside of the biotechs industry it pays to watch the cfo.
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