Smiley Joshua L sold ~$661K in Zai Lab Limited stock
Zai Lab Limited (ZLAB) · Data via SEC EDGAR Form 4
Price Performance · 10 days before → 90 days after trade
▲ = insider buy date
Trade Details · Public SEC Filing
Insider
Smiley Joshua L
Role
—
Transaction
Open-Market Sale
Approx. Value
~$661K
Trade Date
Aug 18, 2025
Company
Zai Lab Limited
Ticker
ZLABSource
SEC EDGAR Form 4
Why This Trade Stands Out
Strong conviction signal
Scored above average across multiple factors. Roughly 15% of insider trades qualify as Strong.
~$661K sale
A significant position. Insiders who invest $500K+ of their own money typically have strong views on their company's near-term outlook.
3 insiders traded in the same window
When multiple insiders independently buy within 30 days, it's called a cluster. Studies show clustered insider purchases outperform solo trades significantly, because several people with inside knowledge are reaching the same conclusion.
How good is Smiley Joshua L at picking stocks?
Full track record: win rate, average return, and performance vs S&P 500
Smiley Joshua L wasn't the only one selling.
3 insiders at Zai Lab Limited traded within the same 30-day window.
See who else bought · FreeOn August 18, 2025, Smiley Joshua L — a corporate insider at Zai Lab Limited — filed a Form 4 with the SEC disclosing an open-market sale of approximately ~$661K in Zai Lab Limited (ZLAB) stock.
This transaction was part of a cluster — 3 insiders at Zai Lab Limited made open-market sales within the same 30-day window. Cluster activity from multiple independent insiders is one of the most studied patterns in insider trading research.
Under Section 16(a) of the Securities Exchange Act of 1934, corporate insiders must report all open-market stock transactions to the SEC within two business days. These filings — known as Form 4s — are publicly available on the SEC's EDGAR database. VeritySignals filters and scores the full Form 4 stream to surface high-conviction signals like this one.
VeritySignals Conviction Analysis
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All data sourced from publicly available SEC Form 4 filings via EDGAR · Not financial advice · Past performance does not guarantee future results.
At a Glance
More ZLAB Insider Activity
Amado Rafael
Apr 6, 2026
~$918K
VS
Amado Rafael
Apr 6, 2026
~$918K
VS
Amado Rafael
Apr 6, 2026
~$1.8M
STRONG
Smiley Joshua L
Apr 6, 2026
~$429K
STRONG
How to Read Insider Trades
What is this?
When company executives buy or sell their own stock, they must report it to the SEC within 2 days. These public filings reveal what the people who know the company best are doing with their own money.
Why does it matter?
Insiders can sell for many reasons (taxes, diversification, expenses), but they generally only buy for one: they think the stock is going up. That's why insider purchases are more predictive than sales.
What makes a trade "strong"?
We score trades on 15+ factors: the insider's role (CEO > director), trade size relative to their salary, whether other insiders also bought (clusters), and historical accuracy of the insider.
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