Opaleye Management Inc., a 10%+ owner of Sol-Gel Technologies Ltd. (SLGL), added to its stake again on September 2, 2026, purchasing 900 shares at $68.95 apiece for a total of $62,054.01. The transaction was disclosed in a Form 4 filing and marks the latest entry in a fast-moving string of open-market buys.
This single purchase is small on its own, but it’s the seventh open-market buy from Opaleye in a six-day window running from August 28 to September 2, 2026. Combined, those seven transactions total $2,906,814 in purchases, all funded with the insider’s own capital. Following the September 2 buy, Opaleye’s indirectly held position — shares held via a trust or affiliated entity rather than directly in the insider’s name — stands at 526,900 shares.
A Pattern, Not a One-Off
Repeated buying from the same insider across a short stretch of trading days is the kind of signal that tends to draw more attention than any individual filing. Our internal classification flags this as a cluster buy, a label reserved for situations where an insider makes multiple purchases in quick succession rather than a single isolated trade. Academic research on insider transactions has found that clustered buying by the same insider or group of insiders is statistically associated with subsequent outperformance more often than scattered, one-off purchases, though that historical pattern says nothing about what happens with any specific stock going forward.
We covered an earlier stretch of this same buying activity in SLGL Insider Opaleye Adds $341K in Five-Day $2.79M Buying Spree, which tracked the run-up to this latest purchase. Taken together, the filings show a consistent, almost daily cadence of buying from the same 10%+ owner over the past week and a half.
What the Filing Shows
Each transaction in the sequence has been an open-market purchase, meaning Opaleye paid cash for the shares at prevailing market prices rather than receiving them through options, grants, or other compensation-related mechanisms. That distinction matters to filing watchers because open-market buys, unlike scheduled equity awards, are discretionary and typically read as a more direct signal of an insider putting its own money at risk.
Sol-Gel Technologies is a dermatology-focused pharmaceutical company, and Opaleye’s continued accumulation puts its indirect stake at just under 527,000 shares as of the most recent filing. Whether this buying pace continues into the following weeks will depend on future disclosures, which we’ll continue tracking as they’re filed with the SEC.
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Source: original SEC Form 4 filing.