But of course they are privvy to inside info. They have been in...

But of course they are privvy to inside info. They have been in informal and probably formal chats with various parties daily. They had informal chats with overseers of the trial like Dr Mathers etc where much more 'opinion' can be shared on how the drug is working. They speak with potential partners, understand potential market size and interest much better than us. We only see the material 'events'.

I would say that at any point they buy on market they have an unfair advantage with inside knowledge. Its impossible for them not to.

If you think about it, its why people get some optimistic when management chip in big amounts of their own cash....because the logical (and often correct) assumption is that they know way more than we get told.

Now if there is a material event on the horizon and they suddenly buy or dispose then it can be linked...a bit different.

Management are always trading, in my opinion, at an unfair advantage to everyone else, which is why whether they hold, buy or sell is such an important indicator.