When insiders are buying, especially in size, it's worth paying attention. Biohaven (BHVN) just saw its leadership drop $33M into their own stock in a single move—no pre-planned vesting, just straight-up market buys at $7.50. That's the kind of signal that cuts through noise.

Context: The stock got absolutely hammered (down 74% YTD) after an FDA rejection on troriluzole in November. Market punished them hard, sent it to $7.48 lows. But here's where it gets interesting—instead of hiding, management executed a ruthless pivot: axed 60% of R&D spend, narrowed focus to 3 core assets, and just raised $200M. Then they bought the dip themselves.

The bet isn't based on hope. Three catalysts on the horizon:
- Opakalim Phase 3 epilepsy data (H1 2026) + MDD Phase 2 (Q4 2025)
- Metabolic play in obesity market (Phase 2 starting Q4 2025)
- Protein degrader platform for autoimmune/kidney disease

Wall Street consensus: $31.21 price target (200%+ upside from here). Insiders clearly see an inflection point the market's overlooking. Classic setup when you've got insider conviction + compressed valuation + near-term catalysts lined up.