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Biotech / Medical : North American Vaccine
NVX 1.310-7.1%12:26 PM EST

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To: Don W Stone who wrote (23)10/18/1996 6:18:00 PM
From: andy harrison   of 82
 
I read the posting about some insiders selling a small amount of
stock. Like Don Stone said, you need to know what the reason(s)
that had for selling stock. Was it option related;was it strictly
for personal reason(s); was it because they wanted to buy something
for themselves (a house, college education, etc.).
You make a generic and unfounded assumption that an insider selling
is always a bad sign.

In the case of NVX, most company insiders are not being paid huge
salaries. That can be verified by checking the company filings.
How can some of these people buy their options if they dont sell
some shares?

If you look at many tech and bio/med stocks you see that insiders
tend to sell stock from time to time because most of their equity
is locked up in the stock of their company. It may well be one of
their only substantial asset. I guess Microsoft is a lousy company
because Bill Gates sells some stock every year.

Andy H.
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