Hoelscher Paul W.

Insider trading profile for Hoelscher Paul W. across Horizon Therapeutics (HZNP, primary, 127 tx), Sagimet Biosciences (SGMT, 4 tx), and Reneo Pharmaceuticals (RPHM, 3 tx): HZNP: 1,307,132 shares sold, zero acquisitions. Massive sell-off spanning 2014-06-27 to 2022-04-20. Notable sells: 2022-03-07 G-code (gift) 172,226 x 2 = 344,452 shares; 2022-03-23 S-code 11,699 + 26,090 = 37,789 at $110; 2022-04-06 S-code 91,710 + 215,335 = 307,045 at $110; 2022-04-20 S-code 21,542 + 28,458 = 50,000 at $114-$115. M-code (vesting) 50K-185K batches. SGMT: recent activity shows systematic acquisition: 2024-04-01 (73,014 at null), 2024-06-05 (9,279 at null), 2025-06-09 (32,250 at null), 2026-06-12 (39,567 at $6.48). Total SGMT acquisitions: 154,110 shares. RPHM: A-code acquisitions 2022-2023 (6,376 + 17,500 = 23,876). KEY SIGNAL: HZNP's pre-acquisition all-sell (1.31M shares) is historical context only -- HZNP was acquired by Amgen in 2023. The current activity at SGMT (a post-Horizon biotech) shows the insider has rotated into a new small-cap biotech (Sagimet) with a demonstrated A-code accumulation pattern (4 transactions, 154K shares total). The 2026-06-12 A-code at $6.48 is notable as an active acquisition at a low price point. Mixed read: HZNP historical bearish (pre-acquisition liquidation); SGMT bullish (systematic biotech accumulation post-Horizon). The cross-company pattern suggests a biotech executive rotating into new ventures rather than a consistent directional view.