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Below are lists of the top 10 mainly open-market insider purchases and sales filed at the Securities and Exchange Commission Monday, May 14, 2012 as ranked by dollar value.

On Today's Tables:
Will Perceptive Advisors LLC live up to its name yet again with its investment in Repros Therapeutics (NASDAQ:RPRX)? This institutional investor first filed a Form 3 announcing its large position in RPRX over a year ago, on February 24, 2011. The timing of the Form 3 indicates that Perceptive was likely buying shares as they doubled in price in February 2011, from $2.50 to $5.00. That determined buying into strength paid off big time in the past week, as Repros' shares spike north of $8 in reaction to the company and the FDA agreeing to a trial design under special protocol assessment for Repros' Androxal drug to treat men with low testosterone.

RPRX surged over 30% on May 10th, the first session the shares had a chance to react to the good FDA news. Instead of taking profits, however, Perceptive Advisors bought heavily into the strength of the stock post announcement, increasing its holdings by 14.1% with a $1.57 million purchase on that day as the shares traded for $4.82.

That trade is already a profitable one, but Perceptive isn't done giving notice of its conclusion of the upside potential of RPRX. On today's tables, Perceptive is back with another purchase. This time, the firm has increased its holdings by a still-significant 6.5% as the stock fetched $6.35 on May 11th.

Insiders are commonly pigeon-holed as boring value investors, but we see incidences of them buying into strength quite often and use our Special Screens tool daily to find them. In this market, value plays/traps are becoming ever more common as firms miss quarters, lower guidance, or just plain succumb to the pall that macro economic issues are understandably causing. So it's particularly interesting to us when we find stocks that have both positive insider sentiment, and a stock chart that indicates general demand from the market as well.

Shares of Repros Therapeutics have that bullish combination of insider behavior and price action, which makes RPRX worth investigating further as a possible addition to our InsiderInsights Newlsetter.

As an aside, another interesting observation on Repros' insider history is that the company's CFO increased her holdings by 800% on April 13th, and the CEO increased his holdings of RPRX by 9.8% on March 5th. The dollar values of these two purchases were small (both under $20k), but we relay the percentage changes for perspective: These were large transactions relative to each insider's historical behavior. It had also been years since each had previously traded RPRX.

Given the well-known unpredictability of FDA dictates, it's tough to outright accuse Repros' CFO and CEO of making illegal insider trades earlier this year. But it's also difficult to believe that the pair didn't have some inkling that the odds were good that a positive FDA decision was likely, considering the uncanny timing shown with their first transactions since 2009 and 2010, respectively.

Of course, garnering insights from insiders' behavior as they frolic in the large legal grey area that is insider trading law is one of the reasons we use the data as our first screen to begin with. Whether there is illegality in any insider's trade is irrelevant to us. The information of the trade is worthwhile mining either way.

Other notable insider transactions from today's tables include:
- Director Jay Hoag still buying shares of Netflix (NASDAQ:NFLX);
- Institution likes the yield at Star Gas Partners (NYSE:SGU);
- CEO buying the dip at Shutterfly (NASDAQ:SFLY);

About InsiderInsights' Top Trades Tables
Company executives and directors are in the best position to assess the attractiveness of their firms' shares, and here is how many of them are voting their wallets!

Please note, however, that these are factual lists, not buy and sell recommendations. Dollar value is only one metric to assess the importance of an insider transaction, and further analysis of a stock's full insider history may not indicate a significant insider signal.

But at Insider Insights, we find significant insider signals just about every day using screens like these to determine where we should focus our subsequent fundamental and technical analysis. And while stocks don't (and shouldn't) move up or down based on insider activity alone, insiders tend to be good indicators of when real stock-moving events like earnings surprises, corporate actions, and new products may be in the offing.

So use these regular columns as the initial research tools they are meant to be, and come to InsiderInsights.com to analyze a company's or insider's full insider history. Also feel free to email with any questions on our proprietary insider data, and how it is best analyzed.

 

 

Insider Purchases
#:Filer NameInsider TitlesCompany NameTickerTrans
Type
Dollar ValueShares TradedTrans Date
To
Ave Trans
Price
Direct
Holdings
Indirect
Holdings
1Carano Bandel LDIRKratos Defense & SecurityKTOSJB*$55,000,00011,000,0005/14/12$5.00---11,825,600
2Hoag Jay CDIRNetflixNFLXB$10,477,516143,4005/10/12$72.45---224,625
3Cascade InvestmentBOAutonationANB$2,473,62770,6905/10/12$34.9915,437,452---
4Fulton Stephen PFOWestern Asset MortgageWMCB$1,452,43878,0005/10/12$18.6278,000---
5Perceptive AdvisorsBORepros TherapeuticsRPRXB$1,079,840170,0005/11/12$6.35---2,803,060
6Housenbold Jeffrey TPR,CEO,DIRShutterflySFLYB$756,00030,0005/14/12$25.20384,171---
7Kestrel Energy PartnersBOStar Gas PartnersSGUB$656,831170,0005/11/12$3.93---12,531,350
8Marathon Capital MgtBOOverland StorageOVRLB$654,048325,7375/10/12$2.103,532,723---
9MSDC ManagementBOJournal CommunicationsJRNB$594,800148,7005/10/12$4.00---5,785,309
10Presley John MMD,DIRFirst Capital BancorpFCVAJB*$299,942149,9715/11/12$2.00172,403---

Source: InsiderInsights.com | Key to Insider Title and Transaction Type Codes

 

 

Insider Sales
#:Filer NameInsider TitlesCompany NameTickerTrans
Type
Dollar ValueShares TradedTrans Date
To
Ave Trans
Price
Direct
Holdings
Indirect
Holdings
1Apollo Management GpBOCharter CommunicationsCHTRS$20,033,866299,1655/14/12$66.69---32,310,500
2Page LawrenceCEO,DIR,BOGoogleGOOGAS$16,802,22027,7785/14/12$608.105,000---
3Singh AlokDIRValidus HoldingsVRS$4,369,412132,8005/10/12$32.90---2,235,310
4Williams PatrickVP,PRInnospecIOSPS$879,04528,7475/11/12$30.3799,138---
5Fernandes ValmirOCinemarkCNKS$857,77835,4975/11/12$24.16211,272---
6Huber Dennis GVPCenturylinkCTLS$786,89020,0005/14/12$38.9924,012---
7Cavanaugh Robert NVPConcur TechnologiesCNQRS$691,86610,9825/11/12$63.008,149---
8Rose Michael EDIRHollyfrontierHFCS$602,00020,0005/11/12$30.1032,198---
9Bergschneider Jonathan MVPHCPHCPS$574,68413,9305/11/12$41.2625,644---
10Benson JohnCEODiceDHXS$523,60050,0005/11/12$10.47520,064---

Source: InsiderInsights.com | Key to Insider Title and Transaction Type Codes

Source: Top Insider Trades May 14, 2012: Repros