Insider Trading? Huge Bet Made Shortly Before STAT News Report Touting Gilead's Remdesivir Results

Chris Menahan
Apr. 20, 2020

STAT News writer Adam Fuerstein's market-moving article on Thursday touting leaked early trial results for Gilead's drug Remdesivir is raising suspicions and has one congressman calling for a Securities and Exchange Commission investigation.

Trader Tian Zeng on Thursday night highlighted a suspiciously timed large bet that Gilead's stock would surge within around 24 hours:

The mystery investor appears to have made a killing.

From CNN, "Congressman calls for SEC investigation into leak about possible coronavirus drug":
A congressman on Friday called for the Securities and Exchange Commission to investigate the leak of a video showing physicians at the University of Chicago speaking enthusiastically about an experimental drug to treat Covid-19.

Texas Democrat Rep. Lloyd Doggett, chair of the House Ways and Means Health Subcommittee, said the leak was "so significant" at a time when the world is "so desperate to find a cure."

[...] The video was leaked to STAT News, a health news website, which published it Thursday afternoon. The story was picked up widely by other news outlets, including CNN, and Gilead stock soared 12%.

Doggett, an attorney, noted that "providing information that's designed to impact the stock market is not something that is permitted under federal securities law."

He said it's not clear where the leak came from. "That's why we need a thorough SEC investigation," he said.
CNBC's Jim Cramer on Thursday touted Feuerstein as "the best there is and a great friend" and praised his article:

On Friday, CNBC also had Feuerstein on the air:

As I reported Friday, the media hyped this report massively with little skepticism -- despite being hyper-skeptical of hydroxychloroquine and relentlessly bashing Trump for touting it.

As Rep. Doggett said, this demands a thorough SEC investigation.

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