A newly filed Form 4 shows Opaleye Management Inc., a 10%+ owner of Sol-Gel Technologies Ltd. (NASDAQ: SLGL), purchased 5,000 shares of the dermatology-focused pharmaceutical company on August 31, 2026. The shares were bought on the open market at $68.24 apiece, for a total outlay of $341,175.00. Following the purchase, Opaleye’s indirect holdings — shares held through an entity rather than in the insider’s own name — rose to 525,000 shares.
This single transaction is notable on its own, but it is only the most recent piece of a larger pattern. According to filings reviewed by whoisbuyingnow.com, Opaleye Management has now made five separate open-market purchases of SLGL stock between August 28 and August 31, 2026, with a combined value of $2,790,326. Buying repeatedly over a short window, rather than in one lump transaction, is the kind of behavior our system flags as a ‘cluster buy’ — a signal distinct from a single isolated purchase.
Why the Pattern Matters
Because Opaleye is spending its own capital across multiple sessions rather than executing a single trade, the disclosure suggests a sustained level of conviction from a major shareholder rather than a one-off decision. Academic research on insider trading has found that clustered buying — multiple insiders, or the same insider buying repeatedly, within a compressed timeframe — has historically correlated with periods of relative outperformance in the underlying stock. That research describes a statistical pattern observed across large datasets of filings; it does not predict what will happen with any individual company, including Sol-Gel Technologies, and this article should not be read as a forecast or recommendation.
What the Filing Discloses
Form 4 filings are required whenever a company insider or a beneficial owner holding more than 10% of a company’s shares buys or sells stock, and they must generally be filed within two business days of the transaction. Because Opaleye Management is classified as a 10%+ owner rather than an officer or director, its trading activity is disclosed under the same rules that apply to large institutional or private investment holders. The indirect nature of the holding indicates the shares are likely held through a fund or investment vehicle managed by Opaleye rather than personally.
whoisbuyingnow.com tracks these disclosures as they are filed with the SEC and highlights patterns — such as clustered buying across multiple days — that may otherwise be easy to miss when only looking at a single transaction in isolation.
→ See all SLGL coverage on WhoIsBuyingNow
Source: original SEC Form 4 filing.