Key points
- Artiva Biotherapeutics, Inc. insiders bought $92.62 million of stock, most recently on July 31st, 2026.
- RELMADA THERAPEUTICS, INC. insiders bought $1.67 million of stock, most recently on September 10th, 2026.
- Annexon, Inc. insiders bought $3.47 million of stock, most recently on September 24th, 2026.
Over September 29th, 2026 to October 29th, 2026, the XBI biotech complex returned -0.2% while the S&P 500 returned 0.4%, a spread of -0.5% measured from index total return data. The same window left 7 names through screen UN-05 v1, a result drawn from what officers and directors filed rather than from the tape.
The backdrop
The Department of Labor reported the Jobless Claims 4-Week Average (Oct/24) at 197 on October 29th, 2026, against 198 previously. For small-capitalisation biotech, the mechanism runs through the discount rate: a labour market that stays firm reduces the case for faster policy easing, and development-stage companies whose cash flows sit years out are the most sensitive to the rate used to value them. That sensitivity is why sub-$5 drug developers often trade on financing conditions rather than on trial calendars, and why open-market purchases by the people running them are worth reading separately from the price action.
| Insider | Role | Date | Shares | Price | Value | Filing date |
|---|---|---|---|---|---|---|
| Artiva Biotherapeutics, Inc. (ARTV) | ||||||
| RA CAPITAL MANAGEMENT, L.P. | Director | July 31st, 2026 | 24,944 | $9.93 | $247,694 | not reported |
| RA CAPITAL MANAGEMENT, L.P. | Director | July 29th, 2026 | 20,824 | $9.99 | $208,032 | not reported |
| RA CAPITAL MANAGEMENT, L.P. | Director | July 24th, 2026 | 41,319 | $9.99 | $412,777 | not reported |
| RA CAPITAL MANAGEMENT, L.P. | Director | July 23rd, 2026 | 59,880 | $9.96 | $596,405 | not reported |
| Price at publish date | n/a | October 29th, 2026 | n/a | $4.20 | n/a | VERIFY |
| RELMADA THERAPEUTICS, INC. (RLMD) | ||||||
| TRAVERSA SERGIO | Chief Executive Officer | September 10th, 2026 | 100,000 | $4.10 | $410,000 | not reported |
| Shenouda Maged | Chief Financial Officer | September 10th, 2026 | 79,800 | $4.25 | $339,150 | not reported |
| Shenouda Maged | Chief Financial Officer | September 9th, 2026 | 120,200 | $4.20 | $504,840 | not reported |
| TRAVERSA SERGIO | Chief Executive Officer | September 9th, 2026 | 100,000 | $4.18 | $418,000 | not reported |
| Price at publish date | n/a | October 29th, 2026 | n/a | $3.42 | n/a | VERIFY |
| Annexon, Inc. (ANNX) | ||||||
| Love Douglas | PRESIDENT AND CEO | September 24th, 2026 | 26,065 | $3.83 | $99,829 | not reported |
| Satter Muneer A | Director | May 28th, 2026 | 613,497 | $5.41 | $3.32 million | not reported |
| Carson William H. | Director | May 11th, 2026 | 8,000 | $5.78 | $46,240 | not reported |
| Price at publish date | n/a | October 29th, 2026 | n/a | $3.98 | n/a | VERIFY |
| Tilray Brands, Inc. (TLRY) | ||||||
| Gendel Mitchell | Global General Counsel | August 6th, 2026 | 2,500 | $4.43 | $11,075 | not reported |
| Merton Carl A | Chief Financial Officer | August 4th, 2026 | 10,000 | $4.62 | $46,200 | not reported |
| FALTISCHEK DENISE M | Chief Strategy Officer | August 3rd, 2026 | 2,500 | $4.78 | $11,950 | not reported |
| Price at publish date | n/a | October 29th, 2026 | n/a | $2.63 | n/a | VERIFY |
| Nuvation Bio Inc. (NUVB) | ||||||
| Mashal Robert | Director | June 9th, 2026 | 25,000 | $4.73 | $118,250 | not reported |
| Price at publish date | n/a | October 29th, 2026 | n/a | $4.73 | n/a | VERIFY |
| Altimmune, Inc. (ALT) | ||||||
| Durso Jerome Benedict | President and CEO | August 13th, 2026 | 15,000 | $2.95 | $44,250 | not reported |
| Price at publish date | n/a | October 29th, 2026 | n/a | $2.13 | n/a | VERIFY |
| X4 Pharmaceuticals, Inc (XFOR) | ||||||
| Craig Adam R | Executive Chairman | October 16th, 2026 | 4,600 | $2.58 | $11,884 | October 19th, 2026 |
| Price at publish date | n/a | October 29th, 2026 | n/a | $3.32 | n/a | VERIFY |
| Benchmark return, same period | XBI versus the S&P 500 | September 29th, 2026 to October 29th, 2026 | n/a | -0.2% | n/a | VERIFY |
Artiva Biotherapeutics, Inc. (ARTV)
Purchases at Artiva Biotherapeutics, Inc. (ARTV) total $92.62 million across 19 purchases from a single filer, RA CAPITAL MANAGEMENT, L.P., in the role of Director, running from May 11th, 2026 to July 31st, 2026. The last four filings were 24,944 shares on July 31st, 2026 at $9.93 for $247,694, 20,824 shares on July 29th, 2026 at $9.99 for $208,032, 41,319 shares on July 24th, 2026 at $9.99 for $412,777, and 59,880 shares on July 23rd, 2026 at $9.96 for $596,405. The stock closed at $4.20 on October 29th, 2026, 71.1% below its 52-week high, well under the prices paid, against a sector that trailed the S&P 500 by -0.5%.
RELMADA THERAPEUTICS, INC. (RLMD)
RELMADA THERAPEUTICS, INC. (RLMD) drew $1.67 million from 2 insiders across 4 purchases on September 9th, 2026 and September 10th, 2026. TRAVERSA SERGIO, Chief Executive Officer, bought 100,000 shares at $4.10 for $410,000 and 100,000 shares at $4.18 for $418,000, while Shenouda Maged, Chief Financial Officer, bought 79,800 shares at $4.25 for $339,150 and 120,200 shares at $4.20 for $504,840. The close of $3.42, 57.2% off the high, sits below every print in that cluster.
Annexon, Inc. (ANNX)
Annexon, Inc. (ANNX) shows $3.47 million from 3 insiders over 3 purchases between May 11th, 2026 and September 24th, 2026. Love Douglas, President and CEO, bought 26,065 shares on September 24th, 2026 at $3.83 for $99,829; Satter Muneer A, Director, bought 613,497 shares on May 28th, 2026 at $5.41 for $3.32 million; Carson William H., Director, bought 8,000 shares on May 11th, 2026 at $5.78 for $46,240 under a Rule 10b5-1 plan. Shares closed at $3.98, 44.5% below the high.
Tilray Brands, Inc. (TLRY)
Tilray Brands, Inc. (TLRY) saw $69,225 from 3 insiders in early August. Gendel Mitchell, Global General Counsel, bought 2,500 shares on August 6th, 2026 at $4.43 for $11,075; Merton Carl A, Chief Financial Officer, bought 10,000 shares on August 4th, 2026 at $4.62 for $46,200; FALTISCHEK DENISE M, Chief Strategy Officer, bought 2,500 shares on August 3rd, 2026 at $4.78 for $11,950. The close of $2.63 is 83.2% below the 52-week high, the deepest drawdown in this group.
Nuvation Bio Inc. (NUVB)
Nuvation Bio Inc. (NUVB) recorded one purchase: Mashal Robert, Director, bought 25,000 shares on June 9th, 2026 at $4.73 for $118,250. The stock closed at $4.73 on October 29th, 2026, level with the price paid and 51.5% below its 52-week high, against a benchmark spread of -0.5% for the sector.
Altimmune, Inc. (ALT)
Altimmune, Inc. (ALT) shows a single filing from Durso Jerome Benedict, President and CEO, who bought 15,000 shares on August 13th, 2026 at $2.95 for $44,250. Shares closed at $2.13, 66.9% off the high, leaving the chief executive underwater on the purchase.
X4 Pharmaceuticals, Inc (XFOR)
X4 Pharmaceuticals, Inc (XFOR) carries the most recent filing in the set. Craig Adam R, Executive Chairman, bought 4,600 shares on October 16th, 2026 at $2.58 for $11,884, reported on October 19th, 2026. The close of $3.32 is above that price and 31.2% below the 52-week high, the shallowest drawdown among the 7 names.
Insiders bought a net $92.62 million over the last 12 months
| Filer | Role | Transaction date | Code | Shares | Price | Value | Filing date |
|---|---|---|---|---|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. | Director | July 31st, 2026 | P | 24,944 | $9.93 | $247,694 | |
| RA CAPITAL MANAGEMENT, L.P. | Director | July 29th, 2026 | P | 20,824 | $9.99 | $208,032 | |
| RA CAPITAL MANAGEMENT, L.P. | Director | July 24th, 2026 | P | 41,319 | $9.99 | $412,777 | |
| RA CAPITAL MANAGEMENT, L.P. | Director | July 23rd, 2026 | P | 59,880 | $9.96 | $596,405 | |
| RA CAPITAL MANAGEMENT, L.P. | Director | July 22nd, 2026 | P | 84,124 | $9.93 | $835,351 | |
| RA CAPITAL MANAGEMENT, L.P. | Director | July 21st, 2026 | P | 120,582 | $9.55 | $1.15 million | |
| RA CAPITAL MANAGEMENT, L.P. | Director | July 17th, 2026 | P | 7,882 | $8.95 | $70,544 | |
| RA CAPITAL MANAGEMENT, L.P. | Director | July 16th, 2026 | P | 152,472 | $8.93 | $1.36 million | |
| RA CAPITAL MANAGEMENT, L.P. | Director | July 13th, 2026 | P | 6,552 | $8.94 | $58,575 | |
| RA CAPITAL MANAGEMENT, L.P. | Director | July 10th, 2026 | P | 15,102 | $8.97 | $135,465 |
Sector comparison: net open-market insider flow across the sector's screened names was $-313.7 million over the same period. Computed by InsiderBuying.com from SEC Form 4 filings, open-market codes P and S only.
What would change the view
- A Jobless Claims 4-Week Average print that moves away from the 197 reading of October 29th, 2026 would change the rate path these valuations are discounted against, and a reader can test whether the sub-$5 cohort responds more than XBI as a whole.
- Fresh Form 4s after XFOR's October 16th, 2026 purchase and ANNX's September 24th, 2026 purchase would show whether the buying is continuous or ended with the summer cluster at ARTV on July 31st, 2026.
Methodology and sources
Screen. UN-05 v1: Closing price below $5 on the publish date. At least 1 open-market purchase by an officer or director in the last 180 days.
Data pull. Prices and filings as of October 29th, 2026, covering September 29th, 2026 to October 29th, 2026.
Benchmark. XBI versus the S&P 500, priced on exchange closes over the same dates. Period return is the close on the end date divided by the close on the start date, minus one.
Filing accessions. 0001231919-26-000817, 0001231919-26-000808, 0001231919-26-000791, 0001213900-26-098969, 0001213900-26-098970, 0001818520-26-000003, 0001315797-26-000001, 0001824280-26-000004, 0001171843-26-005348, 0001171843-26-005183, 0001171843-26-005173, 0002007102-26-000004, 0001698665-26-000007, 0001339498-26-000005
InsiderBuying.com reports and analyzes public filings. This article does not recommend any security. Methodology.
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