$HGEN just going to leave this here as I see there are a lot of people asking the same question tonight. Why did Chappell sell shares? What does it mean? Etc While I don’t know his intentions, I can only speak to the manner in which it was done. sec.report/Form/144-PAPER/2... Basically in order to avoid selling with any insider information , he filed an intent to sell after the EUA application was submitted on 6/2. This allows a third party (Jones Trading) to sell a specified amount of shares on his (hedge funds) behalf at their own timing. He no longer controls their timing of sale and therefore is not liable if he comes into any insider information (such as fda discussions either positive or negative post application submission) the sale is already filed. So far they have sold approx 1.2m shares with about 500k still to go. As an insider he still controls a significant amount of shares across the 3 funds - 1.2m is a drop in the bucket when you’re talking about 13m+ shares