Weekly Insider Trading, August 3

|
Includes: ESPR, LVS, VBIV, WAL
by: G-Stock

Summary

Esperion - Continued insider purchases following a 50% drop this year.

Las Vegas Sands - COO taking advantage of quarterly financial volatility?

Western Alliance Bancorporation - solidly growing bank where officers are buying and the technical picture is good!

VBI Vaccines - significant CEO purchases but the overall picture is poor.

Weekly Introduction

Even though I have been screening for insider transactions every week since the last article, there has not been enough to go on to write a new article. Some of that is explained by the earnings-quiet season. I did write a blog post but I am not sure how those are advertised, so I removed it as no one seemed to read it. Still, I screened ESPR on July 22 and also sold some other stocks to make room for new screenings I expect coming as earnings season winds down. If you sell today you will probably overall get a better price than I did since the overall market is up.

Unfortunately, our performance in some individual open positions have been hit quite hard recently, fortunately the smaller bets in SOHU, DFRG and CLNE. More concerning has been the underperformance of RV-related stocks; CWH and LCII have been a real drag on the portfolio and of larger position size also. LCII reported Q2 numbers yesterday and the stock jumped more than 10%. I am comfortable with both these stocks going forward and bought more into the decline which is not reflected in the table below. CWH reports Aug 7.

Regarding overall market direction, in the last article I wrote (S&P then at 2700)

We can already see a more positive market. I expect it to continue these 20 days counting from July 1st, and then more selectively in names reporting earnings which will propel some stocks higher. But the overall market risks weakening once again post earnings.”

I am definitely still navigating markets from this narrative, with S&P cash at 2835, I am expecting a sideways to lower drift for August as earnings wind down and markets face a slowing macro picture, tightening CBs and trade war noise. It is really astonishing the shift we will see the coming year from CBs and there is no historical precedent to take cue from. The best bet is to expect more volatility and keep cash at hand to be able to profit from that volatility.

Introduction to Weekly Insider Trading (for new readers)

Weekly Insider Trading from G-stock is the result of quantitative screening of insider trading coupled with qualitative checks to produce a list of companies with the most interesting cues. The screening process starts by looking at number and value of insider trades, if spread across insiders, their historic behavior and the value of current trade in comparison to existing shares owned. This produces a list of the most interesting companies to look at. The next step is to filter based on type of trades and the person trading. Purchases in a new issuance of stock or exercise of options are generally considered of lesser value than an open market purchase. Generally, the more spread across insiders, the better should be the signaling value. Within the insider category, Officers are highest ranked, followed by directors and >10% owners. That said, nothing is binary and continuous purchases of a >10% owner can be very supportive for price just like buybacks are. So to summarize, simply looking at transaction values is not enough. Most of the time, insider transactions need to be put in context, quantitatively and qualitatively, only then can such transactions be of value for portfolio decisions.

Please note that the companies presented and information given should not be interpreted as a full picture view, or some fundamental analysis of the company. I am merely identifying insider trading patterns and looking at some basic info related to those companies, and if available adding analysis done in other articles directly linked to the company, to better score the value of such insider transactions. I strongly encourage everyone to do their own fundamental analysis of each company before investing.

Types of Insider transaction setup (of course any position is contingent on other screening factors as well)

Market opportunistic with positive trend, Insiders increasing holdings in a correction in a stock with general uptrend (here I would buy and hold for some time, 1-6 months) Market opportunistic with no trend, Insiders increasing holdings in a correction in a stock with a sideways trend (here I would buy and sell on a reversal to mean or within 3 months if the stock is not moving) Turnaround bet, Insiders increasing holdings in a stock in a sideways or downwards trend (higher risk, smaller position, event-driven holding, max 6 months, smaller size).

Update of open and closed positions

Previously I have stated that I would not always be recommending an exit point. In some cases, I have done so explicitly with a reasoning, perhaps due to an update of insider selling or other news significantly affecting the case. In other cases, I have just pointed out in a later article that these are the ones I have exited or these are the ones I am now long. I used that history to create the tables below. I will aim to be a bit more formal with this going forward. These tables are prices taken from the charts published/or closing price that day, so they do not account for any entry (or exit) strategies employed, etc.

*For example, the largest drawdown in the table is CLNE, but I clearly stated in the article:

What happened in 2012 and 2015 after the spikes are cause for concerns though, there should be a lot of overhead supply, therefore I would want to see a slight pullback and then ride it for a quick 10-20%.”

I actually bought some CLNE on Tuesday July 10 at 2.8 something.

This article’s insider trading stocks

I have looked at the SEC-reported insider transactions over the last two months (report date). The final list includes companies based on the insider activity rank, which might or might not lead to an immediate action.

Company

Ticker

Insider activity

Longer term insider score

Company Fundamentals

Chart Technicals

Type of Setup

Action

Esperion

ESPR

+

0

-

+

No trend

Buy

Las Vegas Sands

LVS

+

-

+

-

No trend

Buy

Western Alliance Bancorporation

WAL

+

-

+

+

Positive trend

Buy

VBI Vaccines

VBIV

+

-

-

-

-

-

Esperion (ESPR)

Summary

Esperion is a high risk biotech company which recently has seen positive momentum in the shares following a drop of approximately 50% earlier in the year. The momentum could partly be explained by a new 10% owner continuously buying. There is very little support from other insiders, but I have taken a small position that I will keep with some preconditions stated below.

Basic company Info

Esperion Therapeutics, Inc. is a clinical stage pharmaceutical company, which engages in the development and commercialization of oral therapies for the treatment of patients with elevated low-density lipoprotein cholesterol (LDL-C). It offers Bempedoic acid and Ezetime combination pill as therapies that have been shown to lower elevated LDL-C levels in patients with hypercholesterolemia, including patients inadequately treated with current lipid-modifying therapies.

Industry

Biotechnology

Market cap

1.2 B

Employees

57

P/S

-

Founded

2008

P/E

-

Website

http://www.esperion.com

P/CF

-

Insider Trading

Biotech Target NV is based in Willemstad, Curaçao. Coincidence or not, they started buying about the time the stock bottomed, and they seem to buy at regular intervals. As long as I see a monthly purchase I will keep the position. Among other insiders, in most recent time there is only selling.

Name

Insider Type

Trade date

Buy/Sell

Price

Value

Own. Chg

Biotech Target N V

10%

2018-07-12

Buy

$41.77

+$2,088,300

2%

Biotech Target N V

10%

2018-06-29

Buy

$39.48

+$1,973,805

2%

Biotech Target N V

10%

2018-06-21

Buy

$38.57

+$2,314,224

2%

Biotech Target N V

10%

2018-06-07

Buy

$37.79

+$2,267,292

2%

Biotech Target N V

10%

2018-06-05

Buy

$38.47

+$2,308,440

2%

Biotech Target N V

10%

2018-05-18

Buy

$40.11

+$5,213,770

5%

Newton Roger S

Dir

2018-03-29

Sell

$72.37

-$1,809,277

-4%

Vitullo Nicole

Dir

2018-01-25

Sell/Option

$71.79

-$838,076

-1%

Vitullo Nicole

Dir

2017-12-06

Sell

$53.85

-$502,205

0%

Janney Daniel

Dir

2017-03-21

Sell

$45.80

-$16,029,263

-20%

Goldstein Dov A Md

Dir

2017-03-21

Sell

$41.66

-$33,327,088

-49%

Omenn Gilbert S

Dir

2017-03-21

Buy

$42.26

+$42,260

10%

Lalwani Narendra D.

COO

2016-11-01

Buy

$9.93

+$49,650

New

McGovern Mark E

Dir

2016-07-05

Buy

$10.00

+$50,000

New

Mayleben Timothy M

Pres, CEO

2016-05-04

Buy

$14.85

+$103,950

20%

Omenn Gilbert S

Dir

2016-03-01

Buy

$15.28

+$76,400

100%

Mayleben Timothy M

Pres, CEO

2016-01-27

Buy

$15.88

+$57,168

12%

Mayleben Timothy M

Pres, CEO

2016-01-15

Buy

$14.08

+$101,376

30%

Aisling Capital II LP

10%

2015-04-23

Sell

$108.22

-$23,534,373

-5%

Goldstein Dov A Md

Dir

2015-04-23

Sell

$108.22

-$23,534,373

-11%

Enright Patrick G

Dir

2015-03-19

Sell

$111.66

-$55,831,597

-35%

Longitude Capital Partners, LLC

10%

2014-11-17

Sell

$32.78

-$15,966,168

-25%

Enright Patrick G

Dir, 10%

2014-11-17

Sell

$32.78

-$15,966,168

-25%

Alta Partners Viii, L.P.

10%

2014-10-21

Buy

$20.00

+$10,000,000

24%

Janney Daniel

Dir, 10%

2014-10-21

Buy

$20.00

+$10,000,000

24%

Omenn Gilbert S

Dir

2014-10-21

Buy

$20.00

+$100,000

New

Domain Partners VII L P

10%

2014-10-21

Buy

$20.00

+$10,000,000

24%

Longitude Capital Partners, LLC

10%

2014-10-09

Sell

$30.00

-$28,290

0%

Enright Patrick G

Dir, 10%

2014-10-09

Sell

$30.00

-$28,290

0%

Enright Patrick G

Dir, 10%

2014-10-07

Sell

$30.04

-$358,289

-1%

Longitude Capital Partners, LLC

10%

2014-10-07

Sell

$30.04

-$358,289

-1%

Chart and technical

I did the screening and purchase of this stock in mid-July following the then reported insider transaction. Since then, the stock has been building strength and seems to be breaking to the upside. I would keep this stock as long as we don’t fall below the 45 entry level and/or if the insider stays away for a whole month. Also I would take profit on a gap fill up towards 65-70.

Fundamentals

Not much to comment on here. The cash position seems challenging to last more than a year without taking on more debt or a secondary offering.

Dec-17

Dec-16

Dec-15

Dec-14

Dec-13

Dec-12

Dec-11

Total Revenues

0

0

0

0

0

0

0

y/y %

Gross profit

0

0

0

0

0

0

0

Gross margin %

EBITDA

-168.7

-75.9

-49.8

-36.1

-22.7

-10.1

-10

EBITDA %

Net income

-167

-75

-50

-36

-26

-12

-11

Cash and equivalents

35

38

77

85

57

7

0

Short term investments

166

173

135

21

4

0

0

Free cash flow

-131

-48

-39

-33

-18

-11

-9

Seeking Alpha and other articles

Esperion: Elucidating The Upcoming Clinical Binaries

Take Advantage Of Poor Market Sentiment And Buy Esperion Therapeutics

For Esperion, The Only Trial That Matters Is CLEAR Outcomes Due In 2022

Esperion Aces Third Study, Shows That Safety Issues Were Overblown

Las Vegas Sands (LVS)

Summary

Las Vegas Sands COO Robert Goldstein has made his first purchase in 4 years. Overall, the activity is low among insiders and mostly selling. The fundamentals of the company have been solid long term, with shorter-term volatility in numbers due to big ticket events driving revenues in particular quarters. For this reason, I am prepared to take a bet, also this one smaller, with some preconditions stated below.

Basic company Info

Las Vegas Sands Corp. engages in the development of destination properties. Its properties feature accommodations, gaming, entertainment and retail, convention and exhibition facilities, celebrity chef restaurants, and other amenities. It operates through the following geographic segments: Macao, Singapore, and United States. The Macao segments handle the operations of The Venetian Macao; Sands Cotai Central; The Parisian Macao; The Plaza Macao and Four Seasons Hotel Macao; and Sands Macao. The Singapore segment includes the Marina Bay Sands. The United States segment consists of Las Vegas Operating Properties and Sands Bethlehem

Industry

Resorts and Casinos

Market cap

54 B

Employees

50k

P/S

4

Founded

2004

P/E

14

Website

http://www.sands.com

P/CF

12

Insider Trading

Looking at historical transactions, it is mostly about selling. Robert’s purchases in late July was the first purchase in many years by any officer.

Name

Insider Type

Trade date

Buy/Sell

Price

Value

Own. Chg

Goldstein Robert G

Pres, COO

2018-07-31

Buy

$71.13

+$711,252

8%

Goldstein Robert G

Pres, COO

2018-03-13

Sell/Option

$76.00

-$2,975,780

-24%

Jamieson George

Dir

2017-11-14

Buy

$66.96

+$66,961

15%

Goldstein Robert G

Pres, COO

2016-11-25

Sell

$62.84

-$10,627,011

-57%

Goldstein Robert G

Pres, COO

2016-01-04

Sell

$42.25

-$4,138,092

-25%

Tanasijevich George

Pres, CEO, Marina Bay Sands

2015-12-31

Sell/Option

$43.77

-$277,533

-20%

Raphaelson IRA H

EVP, Global GC

2015-11-02

Sell/Option

$49.76

-$436,252

-26%

Gerard Steven L

Dir

2015-10-28

Buy

$47.95

+$47,950

55%

Leven Michael A

Dir

2015-09-18

Sell

$46.06

-$967,203

-4%

Goldstein Robert G

Pres, COO

2015-08-06

Sell/Option

$56.50

-$8,658,851

-28%

Leven Michael A

Dir

2015-03-25

Sell

$55.32

-$995,830

-3%

Goldstein Robert G

Pres, COO

2015-03-19

Sell/Option

$55.00

-$5,500,000

-20%

Goldstein Robert G

Pres, COO

2015-02-13

Sell/Option

$60.65

-$6,065,385

-20%

Leven Michael A

Dir

2015-01-02

Sell

$56.10

-$2,442,101

-7%

Raphaelson IRA H

EVP, Global GC

2014-11-03

Sell/Option

$62.35

-$549,589

-42%

Chart and technical

LVS has clearly broken the uptrend but is currently resting on horizontal support. I expect it to break below and trade slightly below for some time and then recover to shake out the weak hands currently buying this horizontal support. On the upside, will look for $77-80.

Fundamentals

Even though the revenues have been volatile y/y, LVS seems steady from a fundamental perspective, which makes it a good buy-the-dip candidate (especially in combination with insider purchases). The most recent Q2 report came in below expectations on EPS but above expectations on revenues.

Dec-17

Dec-16

Dec-15

Dec-14

Dec-13

Dec-12

Dec-11

Total Revenues

12,882

11,410

11,688

14,584

13,770

11,131

9,411

y/y %

12.9%

-2.4%

-19.9%

5.9%

23.7%

18.3%

Gross profit

6746

5889

5909

7229

6645

5435

4885

Gross margin %

52%

52%

51%

50%

48%

49%

52%

EBITDA

4,633.00

3,604.00

3,840.00

5,137.00

4,426.90

3,349.30

3,194.50

EBITDA %

36%

32%

33%

35%

32%

30%

34%

Net income

2806

1670

1966

2841

2306

1524

1270

Cash and equivalents

2419

2128

0

2179

3506

3600

2513

Short term investments

Free cash flow

3706

2646

1930

3654

3541

1609

1154

Seeking Alpha and other articles

Las Vegas Sands: I Remain Bullish Despite The Recent Earnings Miss

Las Vegas Sands: Use The 'Bad News' Correction

Western Alliance Bancorporation (WAL)

Summary

A bank with solid long-term growth, historically mostly selling among insiders, but now purchases from two officers, combined with a good technical picture.

Basic company Info

Western Alliance Bancorporation engages in the provision of deposit, lending, treasury management, international banking, and online banking products and services for businesses. It operates through the following business segments: Homeowners Association (HOA) Services, Hotel Franchise Finance (HFF), Public & Nonprofit Finance, Technology & Innovation, Other NBL (National Business Lines), and Corporate & Other.

Industry

Regional – Pacific Banks

Market cap

6.1 B

Employees

1k

P/S

6.2

Founded

1995

P/E

16

Website

www.westernalliancebancorporation.com

P/CF

P/B

13

2.6

Insider Trading

The latest two transactions are the first purchases by officers since at least 2014, the rest is just massive selling (in to an uptrend). I think this is evidence of some kind of short-term positive view of the stock following a consolidation period.

Name

Insider Type

Trade date

Buy/Sell

Price

Value

Own. Chg

Gibbons Dale

Vice COB, CFO

2018-07-27

Buy

$56.88

+$119,050

1%

Vecchione Kenneth

CEO

2018-07-27

Buy

$56.95

+$592,264

4%

Snyder Donald D

Dir

2018-07-23

Sell

$58.64

-$263,880

-4%

Snyder Donald D

Dir

2018-06-14

Sell

$61.48

-$390,521

-6%

McAuslan Robert Reoch

EVP, Chief Credit Officer

2018-06-06

Sell

$62.26

-$186,780

-11%

Sohn Sung Won

Dir

2018-05-04

Sell

$60.00

-$150,000

-7%

Cady Gerald A

EVP, So. CA Administration

2018-04-30

Sell

$60.00

-$330,000

-5%

Sarver Robert Gary

COB, CEO

2018-03-16

Sell

$60.72

-$375,553

-1%

McAuslan Robert Reoch

EVP, Chief Credit Officer

2018-03-09

Sell

$61.94

-$123,880

-7%

Guedry John

EVP, So. Nevada Administration

2018-03-06

Sell

$61.73

-$606,436

-20%

Theisen Randall S

EVP, GC

2018-03-05

Sell

$59.14

-$417,824

-12%

Sarver Robert Gary

COB, CEO

2018-03-02

Sell

$59.95

-$4,020,187

-6%

McAuslan Robert Reoch

EVP, Chief Credit Officer

2018-02-16

Sell

$61.02

-$122,040

-9%

Ardrey J. Kelly Jr.

SVP, Chief Accounting Officer

2018-02-15

Sell

$60.30

-$32,441

-19%

Latta Robert P

Dir

2018-02-01

Buy

$59.37

+$1,722

0%

Theisen Randall S

EVP, GC

2018-01-30

Sell

$59.00

-$173,578

-6%

McAuslan Robert Reoch

EVP, Chief Credit Officer

2017-12-15

Sell

$56.36

-$169,080

-11%

Johnson Marianne Boyd

Dir

2017-11-16

Sell

$54.42

-$217,680

-1%

Sarver Robert Gary

COB, CEO

2017-10-27

Sell

$56.22

-$2,811,000

-5%

McAuslan Robert Reoch

EVP, Chief Credit Officer

2017-10-27

Sell

$56.49

-$225,960

-13%

Snyder Donald D

Dir

2017-10-25

Sell

$55.97

-$223,880

-4%

Beach Bruce D

Dir

2017-10-25

Sell

$55.89

-$223,560

-10%

Sohn Sung Won

Dir

2017-10-25

Sell

$55.89

-$279,450

-14%

Sarver Robert Gary

COB, CEO

2017-10-23

Sell

$55.22

-$5,522,000

-9%

Boyd William S

Dir

2017-10-23

Sell

$55.55

-$555,462

0%

Sarver Robert Gary

COB, CEO

2017-08-16

Sell

$48.37

-$4,837,000

-8%

Sarver Robert Gary

COB, CEO

2017-07-24

Sell

$50.39

-$3,297,925

-5%

Marshall Todd

Dir

2017-02-13

Sell

$51.25

-$1,513,669

-4%

Hilton Steven J

Dir

2017-02-03

Sell

$50.09

-$2,489,473

-39%

Cady Gerald A

EVP, So. CA Administration

2017-03-07

Sell

$51.69

-$155,070

-3%

Theisen Randall S

EVP, GC

2017-03-03

Sell

$51.70

-$349,751

-12%

McAuslan Robert Reoch

EVP, Chief Credit Officer

2017-03-03

Sell

$51.78

-$207,120

-12%

Taylor Patricia A

EVP, Chief Risk Officer

2017-03-03

Sell

$51.80

-$583,113

-33%

Nave James E D V M

Dir

2016-08-08

Sell

$35.11

-$175,550

-2%

Boyd William S

Dir

2016-08-31

Sell

$38.00

-$171,000

0%

Boyd William S

Dir

2016-04-27

Sell

$37.08

-$732,327

0%

Nagy M Nafees

Dir

2017-03-01

Sell

$53.55

-$535,500

-10%

Peckham John

EVP, Technology, Operations

2017-03-01

Sell

$53.19

-$53,190

-4%

Nave James E D V M

Dir

2017-02-28

Sell

$51.46

-$514,600

-3%

Wall Merrill

EVP, Chief Admin Officer

2017-03-01

Sell

$53.57

-$1,020,616

-18%

Johnson Marianne Boyd

Dir

2017-02-23

Sell

$52.10

-$1,497,927

-6%

Johnson Marianne Boyd

Dir

2017-02-21

Sell

$52.59

-$2,737,415

-10%

Garner Don

EVP, Arizona Administration

2017-02-16

Sell

$53.14

-$110,478

-27%

Guedry John

EVP, So. Nevada Administration

2017-02-16

Sell

$53.30

-$106,600

-6%

Nagy M Nafees

Dir

2017-02-15

Sell

$53.17

-$531,700

-9%

Mack Cary

Dir

2017-02-14

Sell

$52.47

-$2,780,950

-27%

Marshall Todd

Dir

2017-02-13

Sell

$51.25

-$1,513,669

-4%

Garner Don

EVP, Arizona Administration

2017-02-03

Sell

$50.00

-$63,850

-14%

Chart and technical

WAL has been trading in a clear uptrend for many years. It looks like the consolidation during 2018 is done and WAL should break to the upside soon. I would not wait around here but take a position immediately.

Fundamentals

In the latest quarter, WAL grew revenue by 17%, and net interest income by 30% compared to last year. Longer term, the growth rates also look strong.

Dec-17

Dec-16

Dec-15

Dec-14

Dec-13

Dec-12

Dec-11

Interest Income

846

701

525

416

363

318

297

y/y %

20.7%

33.4%

26.1%

14.8%

13.9%

7.3%

Net interest income

785

657

493

385

333

290

258

Gross margin %

93%

94%

94%

92%

92%

91%

87%

Net income

326

260

194

147

114

69

15

Cash and equivalents

417

285

0

225

164

306

205

Short term investments

Free cash flow

384

281

220

167

165

161

143

Seeking Alpha and other articles

Western Alliance Bancorp: Another Great Quarter And More To Come

VBI Vaccines (VBIV)

Summary

To round things off, VBI Vaccines showed up as a highly significant insider transactions in this week’s screening. The reason is simple, the company is a biotech company where the CEO and quite recently also the CMO have increased their holdings significantly (>5%). Still I would caution against this signal due to lack of signaling value in historical purchases made by the CEO. Also, the technical picture is horrible.

Basic company Info

VBI Vaccines, Inc. is a biopharmaceutical company, which develops vaccines for infectious disease and immuno-oncology. Its pipeline includes Sci-B-Vac, CMV Vaccine, GBM Immunotherapy, MB Immunotherapy, and Zika Vaccine.

Industry

Biotechnology

Market cap

131 M

Employees

103

P/S

165

Founded

2015

P/E

-

Website

http://www.vbivaccines.com

P/CF

-

Insider Trading

Usually a CEO purchase and Chief Medical Officer would be a highly significant event, but in this case I am cautious. The same insiders have made significant purchases earlier without any positive results when it comes to share price performance.

Name

Insider Type

Trade date

Buy/Sell

Price

Value

Own. Chg

Baxter Jeff

CEO, Pres

2018-07-31

Buy

$2.28

+$38,237

9%

Baxter Jeff

CEO, Pres

2018-05-24

Buy

$2.99

+$32,890

7%

Diaz-Mitoma Francisco

Chief Medical Officer

2018-05-11

Buy

$3.05

+$30,475

3%

Baxter Jeff

CEO, Pres

2018-05-11

Buy

$2.91

+$20,661

5%

Baxter Jeff

CEO, Pres

2017-12-12

Buy

$3.89

+$38,854

7%

Baxter Jeff

CEO, Pres

2017-11-28

Buy

$4.75

+$71,250

12%

Opko Health, Inc.

10%

2017-10-30

Buy

$3.05

+$2,000,001

11%

Gillis Steven

Dir

2017-10-30

Buy

$3.05

+$915,000

11%

Chawla Sam

Dir

2017-10-30

Buy

$3.05

+$9,455,000

49%

Perceptive Advisors LLC

10%

2017-10-26

Buy

$3.05

+$9,455,000

50%

Diaz-Mitoma Francisco

Chief Medical Officer

2017-08-21

Buy

$3.17

+$9,510

1%

Baxter Jeff

CEO, Pres

2017-08-21

Buy

$3.22

+$32,200

9%

Baxter Jeff

CEO, Pres

2017-08-10

Buy

$3.28

+$32,800

10%

Chart and technical

Just a horrible technical picture.

Fundamentals

Second-Quarter 2018 Financial Results

VBI ended the second quarter of 2018 with $41.1 million in cash and cash equivalents compared with $67.7 million as of December 31, 2017. Net cash used in operations for the six months ended June 30, 2018, was $24.5 million.

Dec-17

Dec-16

Total Revenues

1

1

y/y %

80.0%

-50.0%

Gross profit

-4

-3

Gross margin %

-478%

-620%

EBITDA

-36.60

-24.20

EBITDA %

-4067%

-4840%

Net income

-39

-23

Cash and equivalents

68

32

Short term investments

Free cash flow

-32

-19

Seeking Alpha and other articles

Reader Inquiry: VBI Vaccines' CEO Is Buying Shares, Should You?

Disclosure: I am/we are long ESPR.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.