ZBIO
Zenas BioPharma, Inc.
Early Trend Expansion, sector confirmed; strongest on sponsorship (19/20); weakest on insider signal (12/20). Last earnings absorbed (-6.7%); 3 insiders buying.
Early Trend Expansion
XLV
sector confirmed
no CFO purchase$7,671,338 other insiders (6)
3 insider(s)
net purchase ratio +1.00
buy date unknown
80
conviction / 100
85.8
technical / 100
$40,000–$50,000
Press
Regime clarity17.9
Sponsorship / positioning19.1
Volatility behaviour16.0
Catalyst alignment (insider)11.5
Cross-asset confirmation15.6
Last
32.29
Add above
33.08
Cut below
27.81
50DMA
28.08
200DMA
26.05
ZBIO — daily, 14 months
XLV — sector ETF, daily, 14 months
Pillar detail, thesis support and invalidation
Regime clarity
What strengthens the thesis
- price above 200DMA
- 200DMA rising
- 50DMA rising
- partial HH/HL structure
- efficiency ratio 0.27
- OBV 50d slope +0.188 avg-daily-volumes/bar
- price/volume history is NOT one continuous security — a single 52% session gap. A conversion, large secondary or stock merger changes the share count, so the 200DMA averages two capital structures and OBV sums two different securities. Read this pillar with suspicion.
- no OBV divergence at highs
- OBV flat-to-rising through last pullback
- last pullback 11.0% deep
- no wide downside expansion bars (30d)
- ATR expanding vs 20d mean
- cluster: 3 distinct insiders buying (3 CEO, 3 Director)
- net purchase ratio +1.00 (3 buying vs 0 selling)
- NO CFO purchase in the window — the CFO-specific terms score zero
- other insiders bought $7,671,338 (3 CEO, 3 Director) — counted through cluster breadth and net buying only
- no CFO buy to date — recency not scored
- closest sector ETF: XLV
- XLV above rising 200DMA (sector-led)
- XLV vs SPY 6m: +0.6 pts
- stock vs XLV RS (3m/6m avg): +28.4 pts
- A confirmed higher high above 33.08 on expanding OBV.
- Pullbacks that hold the rising 50DMA with flat-to-rising OBV.
- XLV extending its own trend while the stock holds relative strength.
- Continued base-building above the reclaimed 200DMA without volatility expansion.
- Loss of the rising 50DMA (28.08) with expanding volatility — reduce.
- Breakdown below the prior structural base (27.81) — exit, no averaging down.
- OBV divergence during a price acceleration — reduce.
- Sector ETF losing its own 200DMA — remove capital regardless of stock behaviour.
- CFO: —
- 0 CFO purchase(s), $0 total; last filed 2026-05-18 21:12:28
- Market cap $2,104,556,416 · 20d avg dollar volume $23,965,547
Net buying across the insider group.
| Open-market purchases | $7,671,338 |
| Open-market sales | $0 |
| Sales after option exercise | $0 |
| Distinct buyers / sellers | 3 / 0 |
| Net purchase ratio | +1.00 |
| Net purchase ratio, excl. option-exercise sales | +1.00 |
No CFO purchase here — 6 purchase(s) by other insiders worth $7,671,338. These count toward cluster breadth and net buying, not the CFO-specific terms.
| Trade date | Insider | Shares | Price | Value | Price now vs buy |
|---|---|---|---|---|---|
| 30 Mar 2026 | Moulder Leon O JrCEO | 54,000 | $18.91 | $1,021,140 | +70.8% |
| 31 Mar 2026 | Lu HongboDirector | 3,768 | $18.63 | $70,198 | +73.3% |
| 31 Mar 2026 | Fairmount Funds Management LLCDirector | 150,000 | $20.00 | $3,000,000 | +61.5% |
| 31 Mar 2026 | Lu HongboDirector | 75,000 | $20.00 | $1,500,000 | +61.5% |
| 28 Apr 2026 | Moulder Leon O JrCEO | 60,000 | $17.79 | $1,067,200 | +81.5% |
| 18 May 2026 | Moulder Leon O JrCEO | 60,000 | $16.88 | $1,012,800 | +91.3% |
7 material events; 5 taken well, 0 badly; last earnings 13 Aug: absorbed (-6.7%).
| Session | Filing | Event | Gap | Day | vs SPY | Vol | +5d | Read |
|---|---|---|---|---|---|---|---|---|
| 13 Aug 26 | 8-K · earnings | Results of operations (earnings); Director or officer change | -2.9% | -6.7% | -7.4% | 1.3x | +8.3% | Absorbed |
| 13 Aug 26 | 10-Q | Quarterly report | -2.9% | -6.7% | -7.4% | 1.3x | +8.3% | Absorbed |
| 13 May 26 | 8-K · earnings | Results of operations (earnings); Director or officer change | +2.3% | +4.0% | +3.5% | 1.1x | -1.9% | Rewarded |
| 13 May 26 | 10-Q | Quarterly report | +2.3% | +4.0% | +3.5% | 1.1x | -1.9% | Rewarded |
| 31 Mar 26 | 8-K | Material agreement; Material obligation created; Other material event | +2.4% | +7.3% | +4.4% | 3.5x | +6.7% | Rewarded |
| 16 Mar 26 | 8-K · earnings | Results of operations (earnings) | -2.9% | -3.4% | -4.4% | 0.9x | -11.2% | Neutral |
| 16 Mar 26 | 10-K | Annual report | -2.9% | -3.4% | -4.4% | 0.9x | -11.2% | Neutral |