The Biotech Edge: How Executives and Well-Connected Investors Make Exquisitely Timed Trades in Health Care Stocks

Image credit: Mr.Nelson design, special to ProPublica. Solskin, smartstock, Bet_Noire, hedge111, EschCollection, autsawin / Getty Images. Article by Ellis Simani and Robert Faturechi. ProPublica – June 22, 2023.

The case was a bold step for the Securities and Exchange Commission. In 2021, the agency accused Matthew Panuwat of insider trading. Five years earlier, he had learned that his own company, a biopharma operation called Medivation, was about to get acquired. But instead of buying shares in his employer, he bought options in a competitor whose stock could be expected to rise on the news. The agency says he made $107,000 in illicit profits. […]

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