Maze Therapeutics Insider: President Bernstein Buys 15,000 Shares at One‑Quarter of Market Price, Hinting at New Catalyst Ahead

Insider Activity at Maze Therapeutics: What the Numbers Say The latest Form 4 from President, R&D & CMO Harold Bernstein shows a modest 15,000‑share purchase at $10.42 on February 2, 2026—a price roughly one‑quarter of the day’s closing value of $47.97. The trade was executed under a Rule 10b‑5‑1 plan adopted in September 2025, indicating a pre‑scheduled, non‑market‑timed buy. While the purchase itself is small relative to the company’s outstanding shares (≈ 2 % of the 200‑million‑share float), it is significant in the context of Bernstein’s trading pattern.

A Pattern of Balanced Buying and Selling Historically, Bernstein has alternated between sizable purchases and sizable sales. In December 2025 he bought 45,000 shares at $10.42, only to sell 27,800 at $40.34 and 17,200 at $40.93 the same day—a net loss on those transactions. In January 2026 he again bought 25,156 shares at $10.42, but sold the same number at $40.20 on the same day. The most recent February 2026 sale of 8,364 shares at a weighted average of $45.89, and another sale of 5,936 shares at $46.37, indicates that Bernstein is actively liquidating positions when the stock is near or above $45. These sell orders are all executed under the same 10b‑5‑1 plan, suggesting a systematic exit strategy rather than opportunistic trading.

The pattern implies that Bernstein’s stake is relatively passive: he accumulates shares at low prices (often below $15) and divests them when the market reaches the mid‑$40s. The 15,000‑share purchase on February 2 is the first buy in a month, hinting that he may be re‑building a position after the February sales, perhaps anticipating a new catalyst.

Implications for Investors For shareholders, Bernstein’s trades signal a “buy‑at‑low, sell‑at‑high” mindset that aligns with long‑term value creation. However, the timing of his sales—right after the company’s share price surged in January—could be interpreted as a signal that he sees the current valuation as a short‑term peak. The recent $10.42 purchase at roughly a 70‑% discount to the closing price may be a bet on a forthcoming breakthrough, such as the next phase of the MZE829 program or an FDA filing.

The overall insider activity remains modest relative to the company’s market cap of $2.1 billion. Nevertheless, any insider transaction, especially in a biotech with high volatility and negative earnings, is closely watched. A rebound in insider buying could support the stock, whereas continued selling may add downward pressure.

A Quick Profile of Harold Bernstein Bernstein has been a central figure in Maze’s R&D direction since the company’s rebranding. His transaction history shows a willingness to hold large block trades—often in the 20,000–30,000‑share range—using pre‑planned trades that avoid market impact. He also frequently exercises stock‑option rights (e.g., the 15,000‑share option sale on February 2 that increased his holdings to 297,407 shares). This blend of options and common‑stock transactions reflects a typical biotech insider profile: a blend of equity-based compensation and strategic buying to support the company’s long‑term growth.

Bottom Line Bernstein’s latest purchase is a modest injection at a deep discount, but the surrounding pattern of large sales at peak prices suggests a cautious, long‑term view. Investors should watch for any future insider buying that could signal confidence in upcoming milestones, while remaining mindful that continued selling could temper the stock’s recent rally. The insider activity, combined with Maze’s high volatility and negative P/E, underscores the importance of monitoring both corporate developments and insider sentiment when evaluating this clinical‑stage biopharmaceutical.