GTC Biotherapeutics (fka GTCB)

[croumagnon]

"If insider buying precedes a decline in the share price or if insider selling precedes a rise in the share price, there is no financial benefit to the insiders and hence no violation."

Again, I do not believe that is accurate. If insider buying or selling is viewed as a manipulative tactic to trigger buying for the purpose of overshadowing bad news, then I suspect it would be viewed as an illegal activity by the authorities.

My previous suggestion of insiders possibly knowing the results are bad and letting their relatives and friends act on that by selling may not be correct, but neither is your suggestion above. I think it would be quite a flagrant violation of morality, if not a legal violation, if Cox and company are already aware that the ATryn results are bad and are buying token shares in the open market to fool investors. If that is the case, then I suspect some lawsuits will ensue and I am sure the GTCB lawyers would have told them that. So I totally reject your premise and I think the only justification for the buying is that insiders are still not privy to the trial results but they are optimistic about the future, and are thus sending a clear message to shareholders...