Zenas BioPharma, Inc. (NASDAQ: ZBIO) disclosed in a Form 4 filing that Chief Executive Officer Leon O. Moulder Jr. acquired 100,000 shares of the company’s common stock across three transactions between January 7 and January 9, 2026. The total value of the purchases was approximately $1.639 million, with share prices ranging from $16.30 to $16.55.
Moulder bought 50,000 shares on January 7 at a weighted average price of $16.38, through multiple trades executed between $16.21 and $16.53. On January 8, he added 30,000 shares at an average price of $16.30, with individual transactions ranging from $15.82 to $16.60. The final purchase occurred on January 9, when he acquired 20,000 shares at a weighted average of $16.55, with prices between $16.05 and $16.87.
After these transactions, Moulder directly holds 366,155 shares of ZBIO stock. He also has voting and investment authority over an additional 36,928 shares held in a trust and 1,672,039 shares held indirectly through Tellus BioVentures LLC.
Separately, Zenas BioPharma recently announced favorable results from its Phase 3 INDIGO study of obexelimab for Immunoglobulin G4-Related Disease (IgG4-RD). The trial showed a 56% decrease in flare risk versus placebo and met all primary and secondary endpoints with statistical significance. However, Morgan Stanley downgraded the stock from Overweight to Equalweight and reduced its price target from $37 to $19, noting that the reported hazard ratio of 0.44 did not fully meet investor expectations.
In contrast, H.C. Wainwright reiterated its Buy rating and set a $44.00 price target, highlighting the trial’s clinically meaningful outcomes. Jefferies likewise maintained a Buy recommendation but lowered its target from $62.00 to $48.00, citing a higher-than-expected proportion of recurrent patients in the study. Analyst responses have been mixed, underscoring differing views on the trial’s implications. The study enrolled 194 participants and delivered notable reductions in investigator-reported flares as well as in the need for rescue therapy.
Sources: Investing
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