The near-unanimous selling by C-suite and board members, with zero insider buying, is a strong negative signal. Watch for any upcoming catalyst (pipeline update, earnings, or financing) that may have prompted this coordinated profit-taking. The stock's recent run-up to $35-39 may have created a selling opportunity for insiders who acquired shares at much lower bases.
Price Chart
Executive Summary
A massive insider selling cluster at Pharvaris: 9 insiders sold ~$14.4M in open-market sales within a week, including the CEO, President, CCO, CTO, and multiple directors. The largest seller was Director Schikan ($7M), followed by President Lu Peng ($3.5M) and Director Bjork ($2M). Most sales follow option exercises at low strike prices, suggesting profit-taking after the stock's run-up, but the sheer breadth and dollar magnitude (well over 0.5% of market cap) is notable. No insider bought a single share on the open market.
Key Financial Metrics
Key Facts
- 9 insiders sold a total of ~$14.42M in open-market sales over a 7-day window
- No open-market purchases were made by any insider during the cluster period
- Director Schikan sold $7.0M (200K shares at $35), the largest single sale
- President Lu Peng sold $3.5M (100K shares at $35) after exercising options at $2.59
- Director Bjork sold $1.99M (52.5K shares at $37.89) after exercising options at $14.39 and $18.14
- CEO Modig sold only $90K (2.3K shares at $39.40) — a small amount relative to his position
- CFO Nassif sold $219K (6K shares at $36.47) on the last day of the window
- All sales were open-market (code S); no 10b5-1 plan indication was provided
- The cluster follows a period of strong stock performance (stock at ~$35-39, up from option strike prices of $0-$18)
Financial Impact
Total insider selling of ~$14.4M, representing roughly 0.5-1% of market cap (market cap ~$326M per snapshot). This is a significant cluster by dollar value and breadth.
Risk Factors
- Insiders may be signaling that the stock is fully valued or that upcoming clinical data is less promising than priced in
- Large director-level sales by multiple board members (Schikan, Bjork, Glassman) suggest a lack of conviction at the top
- No 10b5-1 plans disclosed — these appear to be discretionary sales, which carry more informational content per the literature
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-PHVS-1790172409535 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 25, 2026 4w ago | Insider Cluster | $32.02 $31.19 | ▲ +2.59% | ▲ +2.37% | $31.95 (+0.22%) |
Sep 24, 2026 4w ago | Insider Cluster | $32.99 $31.01 | ▲ +6.00% | ▲ +5.59% | $31.95 (+3.15%) |
Sep 24, 2026 4w ago | Insider Cluster | $32.99 $31.01 | ▲ +6.00% | ▲ +5.59% | $31.95 (+3.15%) |
Sep 23, 2026 4w ago | Insider Cluster | $33.07 $31.72 | ▲ +4.08% | ▲ +3.41% | $31.95 (+3.39%) |
Sep 21, 2026 5w ago | Insider Cluster | $36.02 $31.91 | ▲ +11.41% | ▲ +10.39% | $31.95 (+11.30%) |
Sep 17, 2026 5w ago | 144 | $36.37 $32.02 | ▲ +11.96% | ▲ +13.23% | $31.95 (+12.15%) |
Sep 17, 2026 5w ago | Insider Cluster | $38.00 $32.99 | ▲ +13.18% | ▲ +13.78% | $31.95 (+15.92%) |
Sep 17, 2026 5w ago | Insider Cluster | $38.00 $32.99 | ▲ +13.18% | ▲ +13.78% | $31.95 (+15.92%) |
Sep 16, 2026 5w ago | Insider Cluster | $37.55 $33.07 | ▲ +11.93% | ▲ +13.76% | $31.95 (+14.91%) |
Sep 15, 2026 6w ago | Insider Cluster | $38.06 $36.37 | ▲ +4.44% | ▲ +5.26% | $31.95 (+16.05%) |
US Market Status
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