Stock Markets August 18, 2026 09:01 AM

Insider Moves Monday: Large Buys at Apollomics and Cardinal; Major Sales at Dyne, Butterfly, Kinetik and PBF

Executives and directors executed sizeable purchases and disposals across biotech, infrastructure and energy names during mid-August filings

By Ajmal Hussain
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Monday’s disclosures show concentrated insider buying at Apollomics Inc. and Cardinal Infrastructure Group Inc., while several sizable sales were reported at Dyne Therapeutics, Butterfly Network, Kinetik Holdings and PBF Energy. The purchases at Apollomics and multiple buys by Cardinal insiders occurred on August 14, 2026, and included private placement acquisitions at Apollomics. Several directors and major shareholders executed multi-day sale programs or option-related disposals between August 13 and August 17, 2026. The activity spans biotech, infrastructure and energy sectors and includes precise transaction details on share counts, price ranges and aggregate dollar amounts.

Insider Moves Monday: Large Buys at Apollomics and Cardinal; Major Sales at Dyne, Butterfly, Kinetik and PBF
APLM CDNL DYN BFLY KNTK
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Key Points

  • Apollomics insiders acquired shares via a private placement on August 14, 2026 - CEO Hung-Wen Chen purchased roughly $7.55 million and CFO Peter Kuan-How Lin bought 26,667 shares at $15.00 each.
  • Cardinal Infrastructure insiders including CEO Jeremy Spivey and directors Anthony Wood Jr. and Richard Lee Jr. bought substantial amounts on August 14, 2026, as the stock traded lower over the prior week.
  • Several large sales were disclosed between August 13 and August 17, 2026 - notable dispositions include Dyne Therapeutics ($65.2 million), Butterfly Network (~$20.6 million), Kinetik (~$18.96 million) and PBF Energy (~$28 million across two sellers).

Here is a consolidated review of the most material insider transactions disclosed on Monday across U.S. equity markets. The filings document a set of concentrated purchases at two companies and a number of high-value dispositions at others, with dates, share counts, price ranges and totals provided in company reports and Form 4 filings.


Top buys

Apollomics Inc. (NASDAQ: APLM) registered significant insider purchases on August 14, 2026. Chief Executive Officer and Director Hung-Wen Chen acquired Class A ordinary shares totaling roughly $7.55 million. The stake was accumulated across three separate transactions at prices spanning $12.00 to $15.00 per share. According to the company’s disclosures, these acquisitions were executed pursuant to a private placement transaction described in the Issuer’s Report on Form 6-K filed August 12, 2026. Subsequent market pricing shows the stock trading at $23.55, which is substantially higher than the prices paid by Mr. Chen. Over the past year the equity has returned 313 percent, and company data cited in filings indicate additional investor guidance points for analysis.

Also on August 14, 2026, Apollomics Chief Financial Officer Peter Kuan-How Lin purchased 26,667 Class A ordinary shares at $15.00 per share, for a total outlay of $400,005. Like the CEO’s purchases, this transaction was part of the private placement disclosed in the company’s Form 6-K filed August 12, 2026. The filings note that while the share price has advanced markedly over the past year, Apollomics remained unprofitable over the last twelve months despite revenue growth described in the disclosures.


Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) saw several senior executives and directors buy meaningful quantities of Class A common stock on August 14, 2026. CEO Jeremy Simmons Spivey purchased 83,350 shares for a total reported value of $3,201,428. His purchases occurred in multiple transactions with prices ranging between $36.58 and $39.65 per share. Following these acquisitions, Mr. Spivey directly holds 83,350 shares of Class A common stock.

Director Anthony Leon Wood Jr. similarly added to his position, spending $2,023,078 on August 14, 2026. The disclosed activity involved two sets of purchases. The first set totaled 34,019 shares at a weighted average price of $39.16 per share, with individual transaction prices from $38.54 to $39.53. The second set comprised 17,381 shares at a weighted average price of $39.75 per share, with execution prices between $39.54 and $40.12.

Another director, Richard Melvin Lee Jr., bought Class A common stock totaling $1,252,040 on the same date. Those purchases were recorded across two transactions with prices between $36.59 and $37.73 per share. One transaction included 27,000 shares at a weighted average price of $36.59 per share, with actual trade prices ranging from $36.26 to $37.22. The other transaction covered 7,000 shares at a weighted average price of $37.73, with individual prices between $37.51 and $37.74.

All of the Cardinal purchases occurred as the stock was trading at $39.23. The reported disclosures note that the stock declined more than 34 percent over the past week while retaining a year-over-year gain of 67 percent. Analysis cited in company-related data suggests the shares trade below their Fair Value and lists analyst price targets in a range from $52 to $70, but those target figures are descriptive in the disclosures and are not new assertions beyond the filings themselves.


Top sells

Dyne Therapeutics, Inc. (NASDAQ: DYN) reported sizable sales by director Jason P. Rhodes totaling approximately $65.2 million. The transactions were executed on August 13 and August 14, 2026, under a Rule 10b5-1 trading plan that Mr. Rhodes adopted on July 13, 2026. Shares were sold at prices ranging from $25.00 to $26.20. On August 13, 2026, 426,412 shares were sold at a weighted average price of $26.20 per share, with individual prices between $25.8788 and $26.48. Those shares had been held indirectly through multiple Atlas Venture funds named in the filings, including Atlas Venture Fund XI, L.P., Atlas Venture Opportunity Fund II, L.P., and Atlas Venture Opportunity Fund I, L.P. The filing notes that Mr. Rhodes disclaims beneficial ownership of these securities except to the extent of his pecuniary interest. At the time of the reporting, DYN stock traded close to a 52-week high of $27.30 after having returned 111 percent over the prior twelve months.


Butterfly Network, Inc. (NYSE: BFLY) disclosed director Larry Robbins’ sales of Class A common stock totaling roughly $20.6 million across transactions dated August 13 through August 17, 2026. The shares changed hands at prices from $8.6973 to $9.5418. On August 13, 2026, a total of 890,533 shares were disposed of across three separate transactions. In those filings, Glenview Offshore Opportunity Master Fund, Ltd. and Glenview Healthcare Master Fund, L.P. sold 215,233 shares at prices between $9.43 and $9.575. Glenview Offshore Opportunity Master Fund, Ltd. also sold 500,000 shares at prices ranging from $9.035 to $9.3408. In addition, Longview Investors LLC sold 175,300 shares at prices from $8.86 to $9.12. The company’s shares had increased strongly over the past year, with filings noting a gain of 526 percent year over year, despite a near-term weekly decline of almost 4 percent.


Kinetik Holdings Inc. (NASDAQ: KNTK) recorded an extended series of sales by ISQ Global Fund II GP LLC, an entity that the filings identify as a director and a holder of 10 percent of the company’s equity. The seller disposed of approximately 360,337 shares across August 13 to August 17, 2026, for an aggregate value of about $18.96 million. Price ranges for these transactions were from $51.3848 to $54.0939 per share. On August 13, 2026, multiple sales aggregated to 113,075 shares. Further blocks were sold on August 14, 2026, totaling 112,160 shares, and on August 17, 2026, totaling 135,102 shares. Following the dispositions the filings state that ISQ Global Fund II GP LLC beneficially owns 993,792 shares of Kinetik Holdings Class A common stock. At the time of reporting, Kinetik shares were trading near a 52-week high of $54.12 and had returned 55 percent year to date.


PBF Energy Inc. (NYSE: PBF) experienced two related sets of sales reported in filings. Control Empresarial de Capitales S.A. de C.V., identified as a 10 percent owner and director, sold a total of 216,356 Class A common shares for approximately $15,628,897 on August 13 and 14, 2026. The sales ranged from $71.70 to $74.32 per share. Specific transactions on August 13, 2026 included 170,000 shares sold at a weighted average price of $71.9798 per share, with individual prices between $71.70 and $72.50. An additional 40,000 shares were reported sold on the same day at a weighted average price of $73.005, with prices from $73.00 to $73.065. On August 14, 2026 the filer sold 6,356 shares at a weighted average price of $74.2812, with individual prices from $74.25 to $74.32. The company’s shares were trading near a 52-week high of $75.68 and had posted a year-over-year return of 231 percent.

Separately, PBF director Thomas J. Nimbley sold 169,925 shares of Class A common stock on August 14, 2026, realizing approximately $12,344,541. That transaction followed an exercise of employee stock options; the sale price was reported at $72.647 per share. The filings note that the disposals occurred as PBF shares traded toward their 52-week high.


Context and takeaways

The disclosed activity on August 13 through August 17, 2026, demonstrates a mix of insider behavior. Executives and directors at Apollomics and Cardinal Infrastructure added to positions on August 14, 2026, including private placement purchases at Apollomics. Several other insiders and major holders executed sizable sales, some under formal trading plans and some following option exercises, across a cluster of companies spanning biotech, medical devices, infrastructure and energy.

These filings include precise counts, price ranges and aggregate dollar amounts as reported in Form 4 and 6-K filings and other company disclosures. The filings also note stock price performance snapshots such as year-over-year returns and proximity to 52-week highs for the companies where these metrics were cited.


Investment framing

Insider purchases and sales are one data point among many for market participants. Purchases by senior executives and directors can indicate conviction in company prospects, while sales may reflect planned liquidity events, option exercises or sales under preestablished programs such as Rule 10b5-1 plans. The filings for these transactions specify whether sales were conducted under trading plans, were part of private placements or followed option exercises, which provides important procedural context when evaluating the disclosures.

Investors who monitor insider activity often consider such disclosures alongside other fundamental and technical indicators before making portfolio decisions. The filings cited here provide detailed transaction-level information intended to inform that analysis.


Detailed transaction list (selected)

  • Apollomics - Hung-Wen Chen: ~ $7.55 million in Class A ordinary shares on August 14, 2026; prices $12.00 to $15.00; three separate acquisitions; private placement pursuant to Form 6-K filed August 12, 2026.
  • Apollomics - Peter Kuan-How Lin: 26,667 Class A ordinary shares at $15.00 each on August 14, 2026; $400,005 total; private placement as disclosed in Form 6-K filed August 12, 2026.
  • Cardinal Infrastructure - Jeremy Simmons Spivey: 83,350 Class A common shares on August 14, 2026; $3,201,428 total; prices $36.58 to $39.65.
  • Cardinal Infrastructure - Anthony Leon Wood Jr.: purchases totaling $2,023,078 on August 14, 2026; first 34,019 shares at $39.16 weighted average (prices $38.54 to $39.53); second 17,381 shares at $39.75 weighted average (prices $39.54 to $40.12).
  • Cardinal Infrastructure - Richard Melvin Lee Jr.: purchases totaling $1,252,040 on August 14, 2026; transactions at $36.59 to $37.73; one tranche of 27,000 shares at $36.59 weighted average and one tranche of 7,000 shares at $37.73 weighted average.
  • Dyne Therapeutics - Jason P. Rhodes: sales of approximately $65.2 million on August 13-14, 2026 under a Rule 10b5-1 plan adopted July 13, 2026; sale prices $25.00 to $26.20; 426,412 shares sold on August 13, 2026 at $26.20 weighted average (prices $25.8788 to $26.48); shares held indirectly through Atlas Venture funds.
  • Butterfly Network - Larry Robbins and other funds: sales totaling about $20.6 million between August 13 and August 17, 2026; prices $8.6973 to $9.5418; 890,533 shares sold on August 13, 2026 across multiple funds with specified price ranges.
  • Kinetik Holdings - ISQ Global Fund II GP LLC: sales of ~360,337 shares across August 13 to August 17, 2026 for about $18.96 million; price range $51.3848 to $54.0939; post-sale beneficial ownership reported at 993,792 Class A shares.
  • PBF Energy - Control Empresarial de Capitales S.A. de C.V.: sales of 216,356 Class A shares for approximately $15,628,897 on August 13-14, 2026; price range $71.70 to $74.32 with detailed weighted average figures on specific tranches.
  • PBF Energy - Thomas J. Nimbley: sale of 169,925 shares at $72.647 on August 14, 2026 following option exercise; proceeds approximately $12,344,541.

Conclusion

The August filings present a clustered pattern of insider activity: concentrated purchases at Apollomics and Cardinal Infrastructure on August 14, 2026, juxtaposed with large planned or option-related sales at Dyne, Butterfly, Kinetik and PBF spanning August 13 through August 17, 2026. The disclosures provide transaction-level precision on share counts, price ranges and aggregate dollar values, and they identify the procedural context for several of the sales, such as Rule 10b5-1 plans and option exercises. Market participants can use these details as part of a broader analytical framework when evaluating these companies and their sectors.

Risks

  • Sales carried out under Rule 10b5-1 plans or following option exercises may reflect preplanned liquidity actions rather than changes in corporate outlook - this impacts investor interpretation across biotech, medical device, and energy sectors.
  • The filings show stocks trading near weekly lows or 52-week highs at the time of transactions, which introduces short-term price volatility risk for shareholders in infrastructure, energy and biotech names.
  • Apollomics remains unprofitable over the past twelve months despite reported revenue growth, which presents execution and profitability risk for investors assessing the biotech opportunity.

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