NAMS

insider transactions

NewAmsterdam Pharma Co N.V. — buys & sells by directors, officers and 10% owners (SEC Form 4).

30D 90D 1Y

Net shares · 365d

-1.5M

0 buy · 1.5M sell

Net value · 365d

-$49.0M

$0 in · $49.0M out

Sentiment · 365d

Net selling

0% buying · 100% selling

Open-market trades · 365d

0 buy · 1.5M sell

Net buy / sell volume

Tap or hover the chart for daily net volume. Green = net buying, red = net selling.

All transactions

Exercise·M
May 26, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$0

5.0K sh

Own +8%
Exercise·M
May 26, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$0

60.0K sh

Own +300%
Sell·S
May 26, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$2.3M

65.0K sh · $35.69

Own -73%
Exercise·M
May 26, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$54.5K

5.0K sh · $10.90

Own +6%
Exercise·M
May 26, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$600.0K

60.0K sh · $10.00

Own +246%
Sell·S
Mar 11, 26

Louis G Lange

Director

$13.9K

446 sh · $31.23

Own -4%
Sell·S
Mar 11, 26

Louis G Lange

Director

$1.3M

44.2K sh · $30.41

Own -80%
Exercise·M
Mar 9, 26

Johannes Jacob Pieter Kastelein

Chief Scientific Officer · 10b5-1

$0

101.4K sh

Own +24%
Sell·S
Mar 9, 26

Johannes Jacob Pieter Kastelein

Chief Scientific Officer · 10b5-1

$3.1M

101.4K sh · $30.29

Own -59%
Exercise·M
Mar 9, 26

Johannes Jacob Pieter Kastelein

Chief Scientific Officer · 10b5-1

—

101.4K sh

Own +146%
Exercise·X
Mar 9, 26

Louis G Lange

Director

$0

44.6K sh

Own New
Exercise·X
Mar 9, 26

Louis G Lange

Director

$513.1K

44.6K sh · $11.50

Own +431%
Exercise·M
Mar 6, 26

Johannes Jacob Pieter Kastelein

Chief Scientific Officer · 10b5-1

$0

94.1K sh

Own +18%
Sell·S
Mar 6, 26

Johannes Jacob Pieter Kastelein

Chief Scientific Officer · 10b5-1

$2.9M

94.1K sh · $30.32

Own -58%
Exercise·M
Mar 6, 26

Johannes Jacob Pieter Kastelein

Chief Scientific Officer · 10b5-1

—

94.1K sh

Own +136%
Sell·S
Mar 6, 26

Louis G Lange

Director

$829.0K

28.2K sh · $29.41

Own -100%
Exercise·M
Mar 5, 26

Johannes Jacob Pieter Kastelein

Chief Scientific Officer · 10b5-1

$0

104.5K sh

Own +17%
Sell·S
Mar 5, 26

Johannes Jacob Pieter Kastelein

Chief Scientific Officer · 10b5-1

$3.2M

104.5K sh · $30.30

Own -60%
Exercise·M
Mar 5, 26

Johannes Jacob Pieter Kastelein

Chief Scientific Officer · 10b5-1

—

104.5K sh

Own +151%
Exercise·M
Mar 2, 26

Michael H. Davidson KEY

Chief Executive Officer

$0

443.7K sh

Own New
Sell·S
Mar 2, 26

Michael H. Davidson KEY

Chief Executive Officer

$14.8M

443.7K sh · $33.25

Own -72%
Exercise·M
Mar 2, 26

Michael H. Davidson KEY

Chief Executive Officer

—

443.7K sh

Own +255%
Exercise·M
Feb 26, 26

Michael H. Davidson KEY

Chief Executive Officer · 10b5-1

$0

183.3K sh

Own +37%
Sell·S
Feb 26, 26

Michael H. Davidson KEY

Chief Executive Officer · 10b5-1

$617.3K

17.9K sh · $34.44

Own -9%
Sell·S
Feb 26, 26

Michael H. Davidson KEY

Chief Executive Officer · 10b5-1

$5.6M

165.4K sh · $33.63

Own -26%
Exercise·M
Feb 26, 26

Michael H. Davidson KEY

Chief Executive Officer · 10b5-1

—

183.3K sh

Own +40%
Exercise·M
Feb 25, 26

Michael H. Davidson KEY

Chief Executive Officer · 10b5-1

$0

58.3K sh

Own +7%
Sell·S
Feb 25, 26

Michael H. Davidson KEY

Chief Executive Officer · 10b5-1

$47.7K

1.3K sh · $36.68

Own -0%
Sell·S
Feb 25, 26

Michael H. Davidson KEY

Chief Executive Officer · 10b5-1

$375.3K

10.4K sh · $35.96

Own -2%
Sell·S
Feb 25, 26

Michael H. Davidson KEY

Chief Executive Officer · 10b5-1

$1.6M

46.5K sh · $35.11

Own -9%
Exercise·M
Feb 25, 26

Michael H. Davidson KEY

Chief Executive Officer · 10b5-1

—

58.3K sh

Own +13%
Exercise·M
Feb 24, 26

Michael H. Davidson KEY

Chief Executive Officer · 10b5-1

$0

64.7K sh

Own +8%
Sell·S
Feb 24, 26

Michael H. Davidson KEY

Chief Executive Officer · 10b5-1

$115.3K

3.2K sh · $36.46

Own -1%
Sell·S
Feb 24, 26

Michael H. Davidson KEY

Chief Executive Officer · 10b5-1

$2.2M

61.5K sh · $36.13

Own -12%
Exercise·M
Feb 24, 26

Michael H. Davidson KEY

Chief Executive Officer · 10b5-1

—

64.7K sh

Own +14%
Sell·S
Feb 20, 26

Johannes Jacob Pieter Kastelein

Chief Scientific Officer

$1.1M

30.8K sh · $35.46

Own -37%
Sell·S
Feb 20, 26

Johannes Jacob Pieter Kastelein

Chief Scientific Officer

$514.2K

14.7K sh · $35.00

Own -15%
Exercise·M
Jan 28, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$0

32.6K sh

Own +80%
Sell·S
Jan 28, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$1.0M

32.6K sh · $31.80

Own -57%
Exercise·M
Jan 28, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$355.5K

32.6K sh · $10.90

Own +134%
Exercise·M
Jan 27, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$0

39.8K sh

Own +60%
Sell·S
Jan 27, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$1.3M

39.8K sh · $32.62

Own -62%
Exercise·M
Jan 27, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$434.0K

39.8K sh · $10.90

Own +163%
Exercise·M
Jan 26, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$0

34.4K sh

Own +31%
Sell·S
Jan 26, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$10.3K

309 sh · $33.45

Own -1%
Sell·S
Jan 26, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$1.1M

34.1K sh · $32.77

Own -58%
Exercise·M
Jan 26, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$375.0K

34.4K sh · $10.90

Own +141%
Exercise·M
Jan 23, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$0

38.2K sh

Own +27%
Sell·S
Jan 23, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$438.8K

12.8K sh · $34.37

Own -34%
Sell·S
Jan 23, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$849.5K

25.4K sh · $33.44

Own -41%
Exercise·M
Jan 23, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$416.1K

38.2K sh · $10.90

Own +157%
Exercise·M
Jan 21, 26

Mayur Ian Somaiya KEY

Chief Financial Officer · 10b5-1

$0

39.8K sh

Own +6%
Sell·S
Jan 21, 26

Mayur Ian Somaiya KEY

Chief Financial Officer · 10b5-1

$823.4K

24.4K sh · $33.80

Own -29%
Sell·S
Jan 21, 26

Mayur Ian Somaiya KEY

Chief Financial Officer · 10b5-1

$512.8K

15.4K sh · $33.25

Own -16%
Exercise·M
Jan 21, 26

Mayur Ian Somaiya KEY

Chief Financial Officer · 10b5-1

$368.4K

39.8K sh · $9.26

Own +68%
Exercise·M
Jan 20, 26

Mayur Ian Somaiya KEY

Chief Financial Officer · 10b5-1

$0

60.2K sh

Own +9%
Sell·S
Jan 20, 26

Mayur Ian Somaiya KEY

Chief Financial Officer · 10b5-1

$634.8K

19.6K sh · $32.38

Own -25%
Sell·S
Jan 20, 26

Mayur Ian Somaiya KEY

Chief Financial Officer · 10b5-1

$1.3M

39.7K sh · $31.78

Own -34%
Sell·S
Jan 20, 26

Mayur Ian Somaiya KEY

Chief Financial Officer · 10b5-1

$27.6K

900 sh · $30.64

Own -1%
Exercise·M
Jan 20, 26

Mayur Ian Somaiya KEY

Chief Financial Officer · 10b5-1

$557.6K

60.2K sh · $9.26

Own +103%
Grant·A
Jan 9, 26

Michael H. Davidson

Director

$0

30.0K sh

Own New
Grant·A
Jan 7, 26

Mayur Ian Somaiya KEY

Chief Financial Officer · 10b5-1

$0

115.0K sh

Own New
Grant·A
Jan 7, 26

Mayur Ian Somaiya KEY

Chief Financial Officer · 10b5-1

—

25.5K sh

Own +78%
Grant·A
Jan 7, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$0

53.5K sh

Own New
Grant·A
Jan 7, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

—

12.0K sh

Own +97%
Grant·A
Jan 7, 26

Johannes Jacob Pieter Kastelein

Chief Scientific Officer · 10b5-1

$0

115.0K sh

Own New
Grant·A
Jan 7, 26

Johannes Jacob Pieter Kastelein

Chief Scientific Officer · 10b5-1

—

25.5K sh

Own +35%
Grant·A
Jan 7, 26

Hilde Johanna Van Der Kamp

Director

$0

15.3K sh

Own New
Grant·A
Jan 7, 26

Hilde Johanna Van Der Kamp

Director

—

3.4K sh

Own +49%
Grant·A
Jan 7, 26

John W Smither

Director

$0

15.3K sh

Own New
Grant·A
Jan 7, 26

John W Smither

Director

—

3.4K sh

Own +49%
Grant·A
Jan 7, 26

William Lewis

Director

$0

15.3K sh

Own New
Grant·A
Jan 7, 26

William Lewis

Director

—

3.4K sh

Own +49%
Grant·A
Jan 7, 26

Louis G Lange

Director

$0

15.3K sh

Own New
Grant·A
Jan 7, 26

Louis G Lange

Director

—

3.4K sh

Own +49%
Grant·A
Jan 7, 26

Michael H. Davidson KEY

Chief Executive Officer · 10b5-1

$0

364.0K sh

Own New
Grant·A
Jan 7, 26

Michael H. Davidson KEY

Chief Executive Officer · 10b5-1

—

81.0K sh

Own +21%
Sell·S
Jan 7, 26

Michael H. Davidson KEY

Chief Executive Officer · 10b5-1

—

11.6K sh

Own -3%
Sell·S
Jan 5, 26

Mayur Ian Somaiya KEY

Chief Financial Officer · 10b5-1

$170.2K

5.1K sh · $33.25

Own -13%
Sell·S
Jan 5, 26

Louise Frederika Kooij

Chief Accounting Officer · 10b5-1

$88.0K

2.6K sh · $33.25

Own -18%
Sell·S
Jan 5, 26

Johannes Jacob Pieter Kastelein

Chief Scientific Officer · 10b5-1

$199.5K

6.0K sh · $33.25

Own -8%

Date▾	Insider	Role	Type	Shares	Own Δ	Price	Value
May 26, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Exercise M	5.0K	+8%	—	$0
May 26, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Exercise M	60.0K	+300%	—	$0
May 26, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Sell S	65.0K	-73%	$35.69	$2.3M
May 26, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Exercise M	5.0K	+6%	$10.90	$54.5K
May 26, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Exercise M	60.0K	+246%	$10.00	$600.0K
Mar 11, 2026	Louis G Lange	Director	Sell S	446	-4%	$31.23	$13.9K
Mar 11, 2026	Louis G Lange	Director	Sell S	44.2K	-80%	$30.41	$1.3M
Mar 9, 2026	Johannes Jacob Pieter Kastelein 10b5-1	Chief Scientific Officer	Exercise M	101.4K	+24%	—	$0
Mar 9, 2026	Johannes Jacob Pieter Kastelein 10b5-1	Chief Scientific Officer	Sell S	101.4K	-59%	$30.29	$3.1M
Mar 9, 2026	Johannes Jacob Pieter Kastelein 10b5-1	Chief Scientific Officer	Exercise M	101.4K	+146%	—	—
Mar 9, 2026	Louis G Lange	Director	Exercise X	44.6K	New	—	$0
Mar 9, 2026	Louis G Lange	Director	Exercise X	44.6K	+431%	$11.50	$513.1K
Mar 6, 2026	Johannes Jacob Pieter Kastelein 10b5-1	Chief Scientific Officer	Exercise M	94.1K	+18%	—	$0
Mar 6, 2026	Johannes Jacob Pieter Kastelein 10b5-1	Chief Scientific Officer	Sell S	94.1K	-58%	$30.32	$2.9M
Mar 6, 2026	Johannes Jacob Pieter Kastelein 10b5-1	Chief Scientific Officer	Exercise M	94.1K	+136%	—	—
Mar 6, 2026	Louis G Lange	Director	Sell S	28.2K	-100%	$29.41	$829.0K
Mar 5, 2026	Johannes Jacob Pieter Kastelein 10b5-1	Chief Scientific Officer	Exercise M	104.5K	+17%	—	$0
Mar 5, 2026	Johannes Jacob Pieter Kastelein 10b5-1	Chief Scientific Officer	Sell S	104.5K	-60%	$30.30	$3.2M
Mar 5, 2026	Johannes Jacob Pieter Kastelein 10b5-1	Chief Scientific Officer	Exercise M	104.5K	+151%	—	—
Mar 2, 2026	Michael H. Davidson KEY	Chief Executive Officer	Exercise M	443.7K	New	—	$0
Mar 2, 2026	Michael H. Davidson KEY	Chief Executive Officer	Sell S	443.7K	-72%	$33.25	$14.8M
Mar 2, 2026	Michael H. Davidson KEY	Chief Executive Officer	Exercise M	443.7K	+255%	—	—
Feb 26, 2026	Michael H. Davidson KEY 10b5-1	Chief Executive Officer	Exercise M	183.3K	+37%	—	$0
Feb 26, 2026	Michael H. Davidson KEY 10b5-1	Chief Executive Officer	Sell S	17.9K	-9%	$34.44	$617.3K
Feb 26, 2026	Michael H. Davidson KEY 10b5-1	Chief Executive Officer	Sell S	165.4K	-26%	$33.63	$5.6M
Feb 26, 2026	Michael H. Davidson KEY 10b5-1	Chief Executive Officer	Exercise M	183.3K	+40%	—	—
Feb 25, 2026	Michael H. Davidson KEY 10b5-1	Chief Executive Officer	Exercise M	58.3K	+7%	—	$0
Feb 25, 2026	Michael H. Davidson KEY 10b5-1	Chief Executive Officer	Sell S	1.3K	-0%	$36.68	$47.7K
Feb 25, 2026	Michael H. Davidson KEY 10b5-1	Chief Executive Officer	Sell S	10.4K	-2%	$35.96	$375.3K
Feb 25, 2026	Michael H. Davidson KEY 10b5-1	Chief Executive Officer	Sell S	46.5K	-9%	$35.11	$1.6M
Feb 25, 2026	Michael H. Davidson KEY 10b5-1	Chief Executive Officer	Exercise M	58.3K	+13%	—	—
Feb 24, 2026	Michael H. Davidson KEY 10b5-1	Chief Executive Officer	Exercise M	64.7K	+8%	—	$0
Feb 24, 2026	Michael H. Davidson KEY 10b5-1	Chief Executive Officer	Sell S	3.2K	-1%	$36.46	$115.3K
Feb 24, 2026	Michael H. Davidson KEY 10b5-1	Chief Executive Officer	Sell S	61.5K	-12%	$36.13	$2.2M
Feb 24, 2026	Michael H. Davidson KEY 10b5-1	Chief Executive Officer	Exercise M	64.7K	+14%	—	—
Feb 20, 2026	Johannes Jacob Pieter Kastelein	Chief Scientific Officer	Sell S	30.8K	-37%	$35.46	$1.1M
Feb 20, 2026	Johannes Jacob Pieter Kastelein	Chief Scientific Officer	Sell S	14.7K	-15%	$35.00	$514.2K
Jan 28, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Exercise M	32.6K	+80%	—	$0
Jan 28, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Sell S	32.6K	-57%	$31.80	$1.0M
Jan 28, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Exercise M	32.6K	+134%	$10.90	$355.5K
Jan 27, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Exercise M	39.8K	+60%	—	$0
Jan 27, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Sell S	39.8K	-62%	$32.62	$1.3M
Jan 27, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Exercise M	39.8K	+163%	$10.90	$434.0K
Jan 26, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Exercise M	34.4K	+31%	—	$0
Jan 26, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Sell S	309	-1%	$33.45	$10.3K
Jan 26, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Sell S	34.1K	-58%	$32.77	$1.1M
Jan 26, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Exercise M	34.4K	+141%	$10.90	$375.0K
Jan 23, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Exercise M	38.2K	+27%	—	$0
Jan 23, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Sell S	12.8K	-34%	$34.37	$438.8K
Jan 23, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Sell S	25.4K	-41%	$33.44	$849.5K
Jan 23, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Exercise M	38.2K	+157%	$10.90	$416.1K
Jan 21, 2026	Mayur Ian Somaiya KEY 10b5-1	Chief Financial Officer	Exercise M	39.8K	+6%	—	$0
Jan 21, 2026	Mayur Ian Somaiya KEY 10b5-1	Chief Financial Officer	Sell S	24.4K	-29%	$33.80	$823.4K
Jan 21, 2026	Mayur Ian Somaiya KEY 10b5-1	Chief Financial Officer	Sell S	15.4K	-16%	$33.25	$512.8K
Jan 21, 2026	Mayur Ian Somaiya KEY 10b5-1	Chief Financial Officer	Exercise M	39.8K	+68%	$9.26	$368.4K
Jan 20, 2026	Mayur Ian Somaiya KEY 10b5-1	Chief Financial Officer	Exercise M	60.2K	+9%	—	$0
Jan 20, 2026	Mayur Ian Somaiya KEY 10b5-1	Chief Financial Officer	Sell S	19.6K	-25%	$32.38	$634.8K
Jan 20, 2026	Mayur Ian Somaiya KEY 10b5-1	Chief Financial Officer	Sell S	39.7K	-34%	$31.78	$1.3M
Jan 20, 2026	Mayur Ian Somaiya KEY 10b5-1	Chief Financial Officer	Sell S	900	-1%	$30.64	$27.6K
Jan 20, 2026	Mayur Ian Somaiya KEY 10b5-1	Chief Financial Officer	Exercise M	60.2K	+103%	$9.26	$557.6K
Jan 9, 2026	Michael H. Davidson	Director	Grant A	30.0K	New	—	$0
Jan 7, 2026	Mayur Ian Somaiya KEY 10b5-1	Chief Financial Officer	Grant A	115.0K	New	—	$0
Jan 7, 2026	Mayur Ian Somaiya KEY 10b5-1	Chief Financial Officer	Grant A	25.5K	+78%	—	—
Jan 7, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Grant A	53.5K	New	—	$0
Jan 7, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Grant A	12.0K	+97%	—	—
Jan 7, 2026	Johannes Jacob Pieter Kastelein 10b5-1	Chief Scientific Officer	Grant A	115.0K	New	—	$0
Jan 7, 2026	Johannes Jacob Pieter Kastelein 10b5-1	Chief Scientific Officer	Grant A	25.5K	+35%	—	—
Jan 7, 2026	Hilde Johanna Van Der Kamp	Director	Grant A	15.3K	New	—	$0
Jan 7, 2026	Hilde Johanna Van Der Kamp	Director	Grant A	3.4K	+49%	—	—
Jan 7, 2026	John W Smither	Director	Grant A	15.3K	New	—	$0
Jan 7, 2026	John W Smither	Director	Grant A	3.4K	+49%	—	—
Jan 7, 2026	William Lewis	Director	Grant A	15.3K	New	—	$0
Jan 7, 2026	William Lewis	Director	Grant A	3.4K	+49%	—	—
Jan 7, 2026	Louis G Lange	Director	Grant A	15.3K	New	—	$0
Jan 7, 2026	Louis G Lange	Director	Grant A	3.4K	+49%	—	—
Jan 7, 2026	Michael H. Davidson KEY 10b5-1	Chief Executive Officer	Grant A	364.0K	New	—	$0
Jan 7, 2026	Michael H. Davidson KEY 10b5-1	Chief Executive Officer	Grant A	81.0K	+21%	—	—
Jan 7, 2026	Michael H. Davidson KEY 10b5-1	Chief Executive Officer	Sell S	11.6K	-3%	—	—
Jan 5, 2026	Mayur Ian Somaiya KEY 10b5-1	Chief Financial Officer	Sell S	5.1K	-13%	$33.25	$170.2K
Jan 5, 2026	Louise Frederika Kooij 10b5-1	Chief Accounting Officer	Sell S	2.6K	-18%	$33.25	$88.0K
Jan 5, 2026	Johannes Jacob Pieter Kastelein 10b5-1	Chief Scientific Officer	Sell S	6.0K	-8%	$33.25	$199.5K

About NAMS insider trading

This page tracks insider transactions for NewAmsterdam Pharma Co N.V. (NAMS) reported to the U.S. Securities and Exchange Commission on Form 4. Corporate insiders — directors, executive officers and beneficial owners of more than 10% of the stock — must disclose their trades within two business days. Open-market purchases (code P) and sales (code S) made at the insider's discretion are the most-watched opportunistic signals, while awards (A), option exercises (M) and tax-withholding (F) reflect compensation rather than conviction. Trades marked 10b5-1 were made under a pre-arranged plan and are considered routine. A cluster buy — several insiders buying within a short window — is historically a stronger bullish indicator than any single trade.