Biotech Insider Trading in US Stocks Diverges: ImmunityBio (IBRX.US) Cashes Out the Most, Sellas (SLS.US) Director Bought In Before a 5x Surge

Zhihu Finance APP reports that in the biotechnology sector, while drug development progress remains a core driver of stock prices, insider trading activities are also key factors for gauging a company's prospects. From this perspective, four companies—Capricor (CAPR.US), ImmunityBio (IBRX.US), Sellas (SLS.US), and Iovance (IOVA.US)—display dramatically different insider activity: some take profits at highs, some buck the trend to buy, while others remain inactive.

According to data compiled by Fiscal AI, over the past year, insiders at Capricor and ImmunityBio have collectively cashed out nearly $18 million via stock sales; Sellas director Katherine Bach Kalin is the only insider among the four who purchased on the open market, and after her purchase, the stock price surged, generating an unrealized gain of around 430%. In contrast, Iovance insiders did not carry out any open market transactions during the same period.

ImmunityBio: Three Directors Cash Out $9.51 Million

Over the past year, ImmunityBio director Barry Simon has cashed out $4.41 million from stock sales, the highest among the four companies’ insiders. Along with directors Cheryl Cohen and Christobel Selecky, the three sold a combined 1.04 million shares for $9.51 million.

Simon's most recent transaction took place on October 5, when he sold 25,000 shares—reducing his direct holdings by less than 1%. After the sale, he still held nearly 2.78 million shares. On October 2, Cohen’s transaction had a larger impact on her holdings: she exercised options for 55,979 shares at $2.98, and sold 81,056 shares at $10.50, resulting in a net reduction of 25,077 shares that day. Transactions by her and Simon in October totaled $1.12 million cashed out.

The three directors all sold stock under prearranged Rule 10b5-1 trading plans. These October transactions occurred shortly before the FDA expanded the Anktiva bladder cancer indication on October 14. ImmunityBio CEO Richard Adcock commented: "This label expansion is a significant opportunity to make ANKTIVA available to more patient populations."

Capricor: Three Executives Exercise and Sell, Cash Out $8.37 Million

Between March 31 and June 25, Capricor CFO Anthony Bergmann, General Counsel Karen Krasney, and director Karimah Es Sabar sold 272,529 shares, cashing out $8.37 million. All 13 transactions matched options exercised on those dates, allowing them to retain their previously held common shares. After paying approximately $1.07 million in option exercise costs, the three collectively netted $7.3 million, before taxes.

The three put trading plans in place in December 2025, and several months later, in March, the FDA resumed review of Deramiocel. By July, ahead of an unfavorable advisory vote by the FDA regarding the therapy’s use for Duchenne muscular dystrophy-associated cardiomyopathy, they had completed their stock sales. Capricor is now awaiting an FDA decision on November 22 regarding its revised application, which focuses on upper limb and hand function impairment in Duchenne muscular dystrophy patients aged nine and above. CEO Linda Marban stated: "As the PDUFA date approaches, we remain confident in our data."

Sellas: Insider Buys Result in 430% Unrealized Gain

On November 19, 2025, Sellas director Katherine Bach Kalin purchased 63,400 shares worth approximately $100,806. The prior week, the company had updated investors on the latest progress for its Regal leukemia trial. This purchase more than doubled her direct holdings to 104,400 shares.

If she has held these shares to date, based on Wednesday’s share price, the investment is now worth $534,000—5.3 times the purchase cost, resulting in an unrealized profit of about $433,000, or a 430% gain.

The Regal Phase III trial last month reached the 80 deaths needed for the final survival analysis. The trial aims to test whether Galinpepimut-S can help acute myeloid leukemia (AML) patients extend survival following a second complete remission, with results expected this quarter. CEO Angelos Stergiou said: “Reaching the 80th event is a key milestone for the Regal trial.”

Institutional investors have also increased their exposure to Sellas. Fiscal AI data shows that for the quarter ending June 30, institutions added a net 18.8 million shares, raising their ownership to 36%. Over the same period, institutions reduced holdings in Capricor by 1.9 million shares but still own 55% of the company.

Iovance: Insiders Stand Pat, Amtagvi Sales Keep Rising

Unlike the other three companies, Iovance insiders did not carry out any open market transactions over the past year, while sales for its melanoma cell therapy Amtagvi have continued to rise. U.S. Amtagvi sales increased 77% to roughly $102 million, driving an 80% year-over-year rise in Q3 product revenue.

Interim CEO Frederick Vogt said: “Third-quarter revenue hit a record $122 million, and gross margin was at an all-time high, driven by sustained demand for Amtagvi in the U.S.” The company maintained its revenue forecast for $410-420 million by 2026, and plans to file with the FDA in 2027 to expand Amtagvi’s indication to lung cancer.

Retail Investors Bullish on Capricor, ImmunityBio, Bearish on Sellas and Iovance

On Stocktwits, retail sentiment for Capricor is “extremely bullish” with “very high” message volume—the highest among the four companies; ImmunityBio’s sentiment is “bullish” with “high” message activity; Sellas and Iovance both show “bearish” sentiment, with message volume “normal” and “low,” respectively.

One user commented on Capricor: “I’m bullish on approval, but I still see significant risk.” Another user wrote: “Regular communications, such as quarterly updates or periodic shareholder letters, would greatly help instill confidence.” Another said: “If REGAL delivers strong results, this could be the defining moment for the company.”

So far this year, ImmunityBio leads with a 237% gain, Iovance is up 196%, Sellas climbed 123%, while Capricor has fallen 61%, performing the worst of the group.