ZBIO Zenas BioPharma, Inc. Insider Trading

CEO Leon O Jr Moulder bought 60,000 shares ($1.0M) at $16.88 on 2026-05-18, tripling holdings to 96,928 shares amid -62.1% decline from 52-week high.

Leon O Jr Moulder, CEO of Zenas BioPharma, purchased 60,000 shares for $1,012,800.00 at $16.88, expanding his holdings by 162.5% to 96,928 shares. The purchase occurs in a context of significant price deterioration: the stock trades at $16.91, down 62.1% from its 52-week high of $44.60 and down 22.5% over the past 30 days. Prior buys at ZBIO show mixed timing—4 of 5 were well-timed at the 90-day mark, with his two most recent purchases on 2026-04-29 and 2026-04-28 returning +4.1% and +1.8% at 90 days respectively. However, fundamentals remain concerning: the company reported $0.00 revenue in the latest quarter and a net loss of $-80,987,000.00 for the full year, despite revenue growth of 100.0% year-over-year, indicating early-stage biotech with no current commercial revenue. The scale of this purchase relative to prior trading activity and his expanded concentration warrant scrutiny into whether this reflects informed conviction or response to depressed valuation in a loss-making firm.

CEO Moulder Leon O Jr bought 60,000 shares (60.0K shares) for $1.1M at ZBIO; stock down 59.4% from 52-week high, company unprofitable.

Leon Moulder, Chief Executive Officer of Zenas BioPharma, executed 2 separate purchases totaling 60,000 (60.0K shares) for $1,067,200.00 ($1.1M) on consecutive days at an blended average price of $17.79, increasing his holdings by 3.5% to 1,786,039 shares (1.79M shares). The company is unprofitable with a net income of $-51,499,000.00 ($-51.5M) over its most recent full fiscal year and zero quarterly revenue, while the stock trades at $17.55, down -59.4% from its 52-week high of $43.17 and down -16.0% over the past 90 days. The CEO's prior ZBIO purchases show mixed outcomes: his January 2026 buys achieved +28.6% and +28.0% returns at the 90-day mark, but more recent transactions in late February and March have declined or remain immeasurable, and his cross-ticker buy track record shows a 30.77% 90d win rate with an average 90d return of -17.4%.

Director Lu Hongbo buys 3,768 shares at $18.63; stock down 50.3% from 52-week high amid unprofitability ($-51.5M net income).

Lu Hongbo purchased 3,768 shares at $18.63 on 2026-03-31, increasing his holdings to 426,736 shares. The transaction occurs as Zenas BioPharma trades at $21.46, substantially below its 52-week high of $43.17 and down 14.8% over the past 30 days and 37.8% over 90 days. The company remains unprofitable with a net income of $-51,499,000.00 despite 100% annual revenue growth. Prior to this purchase, Lu's cross-ticker track record shows an average 90-day return of -25.8% across 10 buys, with a 0.00% win rate, while his same-ticker history at ZBIO shows 0 of 3 prior buys were well-timed at the 90-day mark. A cluster buy pattern has emerged, with 2 other insiders also purchasing within the past 14 days, though this does not establish coordination across individuals.

Director Fairmount Funds Management LLC bought 150,000 shares of ZBIO at $20.00 ($3.0M); stock down -43.9% in 90 days; company unprofitable with -$51.5M net income.

Fairmount Funds Management LLC (Director) purchased 150,000 shares at $20.00 on 2026-03-31, increasing holdings by 6.8% to 2.36M shares total. The purchase occurs amid significant recent weakness: ZBIO is down -43.9% over 90 days and -20.3% over 30 days, trading at $20.36, down -52.8% from its 52-week high of $43.17. The company remains unprofitable with net income of -$51.5M on zero revenue in the latest quarter, though it has demonstrated 100.0% annual revenue growth year-over-year. The insider's prior two purchases at ZBIO both resulted in negative 90-day returns (-12.6% and -47.5%), with neither trade well-timed at the 90-day mark. A cluster of 2 other insiders also bought within the past 14 days, suggesting coordinated accumulation. The transaction reflects substantial dollar commitment ($3.0M) into a volatile, loss-making biotech at a depressed price relative to recent highs, though the insider's cross-ticker track record shows modest positive 30-day outcomes (+15.1% average) alongside negative 90-day results (-4.2% average with 33.33% win rate).

CEO bought 54,000 shares for $1,021,140 over 2 days at $18.91 avg; stock down 54.7% from high, 25.8% in 30d. Cluster buy pattern detected.

Leon Moulder, CEO, executed 2 separate purchases totaling 54,000 shares for $1,021,140 on 2026-03-30 and 2026-03-31 at a blended average price of $18.91, increasing his holdings by 3.2% to 1,726,039 shares. The timing follows a sharp 30-day decline of 25.8% and a 90-day decline of 46.2%, and the stock is currently -54.7% from its 52-week high of $43.17. At this same ticker over the past months, Moulder's prior 5 buy trades showed 30-day returns ranging from +31.7% to +55.7%, but his sole measurable 90-day outcome (from October 2025) returned -20.3%, indicating mixed execution. Fundamentally, the company carries a $-51,499,000 net loss in its most recent period with $0.00 revenue in the latest quarter, though annual revenue growth is reported at +100.0%. A cluster buy pattern is present with 2 other insiders purchasing within the past 14 days, suggesting coordinated or parallel confidence at depressed price levels.

Director Lu Hongbo bought 75,000 shares of ZBIO at $20.00 on 2026-03-31 ($1.5M); stock now at $19.55, down 46.2% over 90 days.

Lu Hongbo purchased 75,000 shares at $20.00, increasing his holdings by 21.6% from 348.0K to 423.0K shares. The purchase occurred as ZBIO trades 54.7% below its 52-week high and has declined 46.2% over the past 90 days. His prior 4 measurable same-ticker buys at ZBIO show a 0% win rate at the 90-day mark, with three of them followed by significant declines. The company is unprofitable with -$51.5M net income in its most recent fiscal year, generating zero revenue in the latest quarter, though it reports 100.0% annual revenue growth year-over-year. A cluster pattern exists, with 2 other insiders also purchasing within the past 14 days. The purchase combination—substantial position increase into momentum weakness, prior poor timing outcomes, and aggregate insider buying amid unprofitability—suggests this trade merits investor scrutiny of ZBIO's strategic position.

Director Lu Hongbo purchases 25,985 shares of ZBIO at $22.50 on 2026-02-11; company posted -$51.5M net income with -90.0% revenue decline.

Lu Hongbo acquired 25,985 shares at $22.50, increasing his stake by 8.1% to 348.0K shares total in a biotech company reporting severe operating losses of -$51.5M and annual revenue decline of -90.0%. The purchase occurred within a 14-day cluster window alongside 2 other insider buys, suggesting coordinated board or management interest despite deteriorating fundamentals. His prior three trades at ZBIO show a poor 90-day timing record: none were well-timed, with two producing -45.6% returns and one -12.6%. The stock is currently 38.8% below its 52-week high, though up 17.0% over 30 days, presenting a conflicting signal of near-term momentum against a backdrop of substantial fiscal deterioration and historically unfavorable trade timing by this insider at this specific ticker.

Director Allen Patricia L bought 19,860 shares at blended average $25.16, totaling $499,745.60 on Feb 12-13, marking first purchase post-zero holding; cluster of 2 other insider buys in past 14 days

Director Allen Patricia L executed 4 separate purchases totaling 19,860 shares for $499,745.60 at prices ranging from $23.77 to $26.50, establishing a position from zero shares. The blended average price of $25.16 sits 4.7% below the current price of $26.40 and 38.4% below the 52-week high of $43.17. This purchase coincides with a cluster pattern where 2 other insiders also bought within the past 14 days, suggesting coordinated board-level accumulation. However, ZBIO faces significant headwinds: the company reported zero revenue in the latest quarter, a $-51,499,000 net loss over its most recent full fiscal year, and annual revenue contraction of -90.0%, indicating severe operational deterioration. The stock has declined -24.6% over the past 90 days despite recent insider buying activity, raising the question of whether director accumulation reflects conviction or routine portfolio activity in a distressed biotech environment.

CEO Leon Moulder buys 57,000 ZBIO shares at $17.96; stock now -54.3% from 52-week high, revenue collapsed -90.0%.

Leon Moulder Jr, the Chief Executive Officer, purchased 57,000 shares at $17.96 on 2026-02-02, increasing his stake to 423,155 shares (+15.6% vs prior holdings). This is his third consecutive purchase in 9 days (Jan 7, 8, 9, and now Feb 2), accumulating shares as ZBIO trades at $19.72, down -54.3% from its 52-week high of $43.17 and down -42.8% over the past 30 days. Fundamental performance is severely deteriorated: annual revenue declined -90.0% in the most recent fiscal year, the company generated $0.00 in latest quarterly revenue, and net income was -$51,499,000.00. His prior trades at ZBIO show mixed results—a 2025-02-18 purchase returned +65.1% at the 90-day mark, but the 2025-10-07 purchase returned -20.3%—meaning timing accuracy at this ticker is 50%. The purchase price of $17.96 sits below the current price of $19.72 but the margin is minimal, and the broader -42.8% 30-day decline and revenue collapse are material headwinds that merit scrutiny of whether conditions have stabilized or if further deterioration may follow.

CEO Moulder buys 100,000 shares ($1.6M) at ZBIO as stock falls 62.8% from 52-week high; 1 of 5 prior same-ticker buys showed positive 90d return.

Leon O Moulder Jr, Chief Executive Officer, executed 3 separate purchases totaling 100,000 shares for $1,639,000.00 at blended average price $16.39 across January 7–9, 2026, raising his holdings from 266.2K to 366.2K shares (+37.6%). The timing coincides with severe price weakness: the stock trades at $16.08, down 62.8% from its 52-week high of $43.17 and down 58.9% over the prior 30 days. Fundamentally, the company reported zero revenue in the latest quarter, a net loss of $-51,499,000.00, and annual revenue contracted 90.0% year-over-year. His same-ticker buying history at ZBIO shows mixed results: of his 5 prior buys, only 1 achieved a positive 90-day return, suggesting his timing calls at this ticker have not consistently preceded near-term recoveries. The magnitude of this purchase and its execution during acute drawdown warrant investor attention to whether the CEO perceives durable value or whether the acquisition reflects forced accumulation amid operational stress.