Insider confidence in Adial Pharmaceuticals bodes well

As Adial Pharmaceuticals advances its Phase 3 clinical trial of AD04 for the treatment of alcohol use, insiders are showing confidence in the company. Today they appointed Mark Howard Peikin as chief strategy officer, and he took the position without a salary. Instead, he accepted a stock option as his sole compensation plan. Chief medical officer Johnson A. Bankole also just acquired over 3,000 shares, perhaps as part of his own compensation plan. If AD04 succeeds in clinical trials, it could be a very profitable drug.

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I wish I knew more about Adial so I could judge the price target better. However, that bearish engulfing candle tells me it may be time to take profit.