J M Smucker Co (SJM) Registers Noteworthy Cluster of Insider Selling, Plus Four Other Companies with Notable Insider Trading Activity

Battered Biopharmaceutical Company Registers Insider Buying

The man in charge of Mirati Therapeutics Inc. (NASDAQ:MRTX) also bought a sizable block of shares earlier this week. President and CEO Charles M. Baum purchased 20,000 shares on Tuesday at prices that ranged from $6.96 to $7.14 per share, boosting his ownership to 48,556 shares.

The recent insider buying comes shortly after the clinical-stage biopharmaceutical company focused on developing oncology products issued a disappointing update on three ongoing clinical programs in patients suffering from non-small cell lung cancer (NSCLC) and other solid tumors. Mirati Therapeutics Inc. (NASDAQ:MRTX) has seen its market value plummet by 54% in the past month and 77% since the start of 2016. The developer of therapies against cancer revealed that its glesatinib, evaluated in a Phase 1b clinical trial in patients with NSCLC, showed promising results, but the majority of patients enrolled experienced dose reductions or interruptions due to episodes of diarrhea. Leerink Partners analysts downgraded Mirati Therapeutics to ‘Market Perform’ and cut the price target on the stock to $20 from $37, citing lower probability of success for glesatinib. Baker Bros. Advisors, run by Julian Baker and Felix Baker, had 3.27 million shares of Mirati Therapeutics Inc. (NASDAQ:MRTX) in its portfolio at the end of the first quarter.

Diversified Manufacturing Company Registers Noteworthy Insider Selling

The insider selling activity Carlisle Companies Inc. (NYSE:CSL) has been gaining steam in recent weeks and months, whereas the insider buying activity has been mute in recent years. Executive Chairman David A. Roberts offloaded 24,740 shares on Monday at prices ranging from $99.29 to $100.06 per share, all of which were held in trust funds for the benefit of his children. Following the recent sale, Mr. Roberts currently holds a direct ownership stake of 147,617 shares, along with an additional indirect ownership stake of 107,336 shares.

The diversified manufacturing company has seen its market capitalization increase by 12% since the beginning of the year. Carlisle Companies Inc. (NYSE:CSL)’s net sales for the first quarter of 2016 were $794.0 million, up from $709.3 million a year earlier. The increase in the company’s top line was mainly driven by a series of acquisitions, as well as strong demand for the company’s commercial roofing, commercial aerospace, and medical technology products. Matthew Lindebaum’s Basswood Capital reported ownership of nearly 338,000 shares of Carlisle Companies Inc. (NYSE:CSL) through the latest round of 13Fs.

Giant Food Company Registers Cluster of Insider Selling

J M Smucker Co (NYSE:SJM) registered a cluster of insider selling earlier this week, involving three different corporate insiders. To begin with, Mark R. Belgya, Vice Chair and Chief Financial Officer, sold 4,500 shares on Monday at a weighted average price of $144.20, cutting his direct ownership to 46,820 shares. Moreover, former Vice Chairman Vincent C. Byrd, who recently retired following 39 years with the company, discarded 14,512 shares on the same day at prices that fell between $144.30 and $144.84 per share, trimming his stake to 69,670 shares. Last but certainly not least, Steven T. Oakland, Vice Chair and President of U.S. Food & Beverage, sold 5,453 shares on Monday at $145.00 apiece. Following the recent sale, Mr. Oakland continues to own 46,968 shares.

J M Smucker Co (NYSE:SJM), the giant food company known for its jelly, has seen its shares advance 16% since the beginning of 2016. Just recently, analysts at Jefferies downgraded the stock to ‘Hold’ from ‘Buy’ while raising the price target to $143 from $140, saying that risks and rewards are balanced. The financial hub said that J M Smucker’s management plans to spend an additional $40 million on marketing campaigns in 2017, which should put pressure on its top line growth. Dan Loeb’s Third Point LLC cut its stake in J M Smucker Co (NYSE:SJM) by 54% during the March quarter to 775,000 shares.

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