APLM
Apollomics Inc. Class A
stock NASDAQ

The Congress result lines up with the one member I've looked at closely. One thing worth flagging on the corporate-insider side of last week's study, because it could move that number:

If those 47,458 purchases were selected on transaction code P, the sample contains things that aren't open-market buys at all. Three I've verified by hand from the filings this week, all coded P:

\- Apollomics (APLM): five "purchases" by three officers, about $8.2M. Footnote F1 on every row says acquired pursuant to a private placement described in a Form 6-K. Fixed prices of $12.00 and $15.00, not market prices.
\- AbCellera (ABCL): a director's 53,613 shares held through an entity where his spouse has sole voting and investment power, beneficial ownership disclaimed. In a code-level extract it reads as a personal buy.
\- Same ABCL filing: the $10.64 price is a weighted average of fills ranging $10.49 to $10.70.

PIPEs would bias downward specifically. They're usually financing for companies that need cash, so weaker forward returns are what you'd expect, and they end up pooled with genuine conviction buys.

The fix is cheap: parse the footnotes block and directOrIndirectOwnership out of ownership.xml, then exclude or tag anything carrying a placement footnote or an I flag. Might be worth re-running the insider study with that filter to see whether the underperformance narrows or holds.

(I build tooling on Form 4 data, which is why I've been staring at these footnotes.)

Either way, good to see someone actually test this rather than assert it.

The Congress result lines up with the one member I've looked at closely. One thing worth flagging on the corporate-insider side of last week's study, because it could move that number:

If those 47,458 purchases were selected on transaction code P, the sample contains things that aren't open-market buys at all. Three I've verified by hand from the filings this week, all coded P:

\- Apollomics (APLM): five "purchases" by three officers, about $8.2M. Footnote F1 on every row says acquired pursuant to a private placement described in a Form 6-K. Fixed prices of $12.00 and $15.00, not market prices.
\- AbCellera (ABCL): a director's 53,613 shares held through an entity where his spouse has sole voting and investment power, beneficial ownership disclaimed. In a code-level extract it reads as a personal buy.
\- Same ABCL filing: the $10.64 price is a weighted average of fills ranging $10.49 to $10.70.

PIPEs would bias downward specifically. They're usually financing for companies that need cash, so weaker forward returns are what you'd expect, and they end up pooled with genuine conviction buys.

The fix is cheap: parse the footnotes block and directOrIndirectOwnership out of ownership.xml, then exclude or tag anything carrying a placement footnote or an I flag. Might be worth re-running the insider study with that filter to see whether the underperformance narrows or holds.

(I build tooling on Form 4 data, which is why I've been staring at these footnotes.)

Either way, good to see someone actually test this rather than assert it.