Analysis of Insider Trading by AnaptysBio (ANAB)'s CFO

Based on my research and analysis, below is a detailed interpretation of the insider trading activities by AnaptysBio’s CFO:

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According to SEC filings and insider transaction tracking data, Dennis Mulroy, CFO of AnaptysBio, conducted multiple transactions between 2024 and 2025 [1][2]:

Date	Transaction Type	Shares	Price	Amount
December 16, 2025	Sale	15,725	$44.85	$705,333
December 22, 2025	Sale	10,000	$50.00	$500,000
January 7, 2025	Purchase	76,400	$14.83	$1,133,212
January 6, 2025	Purchase/Sale	5,245	$15.30	$80,248
January 3, 2025	Purchase/Sale	8,293	$14.60	$121,078

I was unable to locate a transaction record exactly matching $145,000. The amount you mentioned may relate to another insider transaction or be an approximate figure [3].

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• The CFO conducted large-scale share sales in December 2025 (totaling $1.2 million across two transactions), when the stock price was in the $44-$50 range
• These sales occurred after the stock price rose from $14.83 at the start of the year to around $50, representing an increase of over 237% [4]
• The sales were executed under a
  pre-set trading plan pursuant to Rule 10b5-1
  , which typically indicates advance planning rather than immediate judgment

• In early January 2025, the CFO purchased approximately 90,000 shares at prices ranging from $14.60 to $15.30
• These purchases took place when the stock price was relatively low, indicating confidence in the company

Consideration Factor	Signal Interpretation
Timing	Selling at a high price may reflect profit-taking, but it could also be part of a pre-set plan
Transaction Frequency	The combination of purchases and sales indicates non-systematic selling
Position Change	As of December 22, the CFO still holds approximately 9,401 shares, rather than exiting the position entirely
Concurrent Transactions	Other executives (such as General Counsel Eric Loumeau) have also conducted similar option exercises and sales [2]

• The company’s stock price performed strongly in 2025, rising 186.99% [5]
• Analyst consensus is a “Buy” rating, with a target price of $55.50 (representing 26.4% upside from the current price) [5]
• Q3 financial results exceeded expectations: EPS of $0.52, which is 149% higher than expected [5]
• Major shareholder EcoR1 Capital continued to increase its holdings from late 2024 to early 2025 [1]

• Over 30% of the floating shares are shorted [6]
• Inherent clinical trial and regulatory risks associated with biotech companies
• The current stock price is in a technical consolidation phase with no clear trend signal [7]

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1. Rule 10b5-1 Trading Plan
   : Insiders typically pre-set sales plans to avoid suspicion of insider trading
2. Risk Diversification
   : The CFO’s partial sale of holdings may be a normal wealth management strategy
3. Continued Alignment of Interests
   : Even after the sales, the CFO still holds shares worth approximately $470,000
4. Accompanied by Purchases
   : The earlier significant purchases indicate recognition of long-term value

1. Concentrated Share Reduction Window
   : Multiple sales within a short period may reflect views on short-term valuation
2. Concurrent Actions by Multiple Executives
   : If multiple insiders reduce their positions simultaneously, this requires greater attention
3. Stock Price Level
   : Sales occurring near the 52-week high ($52) are noteworthy [4]

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: Neutral with a cautious tilt

1. The CFO’s sales
   are more likely to reflect profit-taking and financial planning
   rather than a negative view of the company’s prospects
2. Combined with the earlier significant purchases, this indicates insiders’ long-term confidence in the company
3. Investors should focus on
   future financial report performance
   and
   clinical trial progress
   as the core basis for investment decisions
4. The current stock price is near the technical resistance level ($46.85); it is recommended to wait for a clearer technical signal [7]

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[1] MarketChameleon - ANAB Insider Trades (https://marketchameleon.com/Overview/ANAB/InsiderTrades/)

[2] ChartMill - ANAB Stock Ownership (https://www.chartmill.com/stock/quote/ANAB/ownership)

[3] StockCircle - Dennis Mulroy Insider Trades (https://stockcircle.com/insider-trades/person/mulroy-dennis)

[4] Ticker Report - AnaptysBio Reaches New 52-Week High (https://www.tickerreport.com/banking-finance/13303833/anaptysbio-nasdaqanab-reaches-new-52-week-high-whats-next.html)

[5] Jinling API - AnaptysBio Company Profile Data

[6] BarChart - This Biotech Stock Has More Than Tripled in 2025 (https://www.barchart.com/story/news/36717167/this-biotech-stock-has-more-than-tripled-in-2025-but-red-flags-are-waving?.tsrc=rss)

[7] Jinling API - ANAB Technical Analysis Data