| Period | Completed events | Price coverage | Hit rate | Median excess return | Average excess return | Worst excess return |
|---|---|---|---|---|---|---|
| 5D | 10Developing evidence | 100.0% (10/10) | 30.0% (3/10) | -2.7% | -2.0% | -9.2% |
| 20D | 10Developing evidence | 100.0% (10/10) | 10.0% (1/10) | -10.0% | -13.1% | -48.9% |
| 60D | 10Developing evidence | 100.0% (10/10) | 0.0% (0/10) | -38.7% | -32.3% | -56.7% |
| 120D | 10Developing evidence | 100.0% (10/10) | 0.0% (0/10) | -57.9% | -46.1% | -65.9% |
COMPANY RESEARCH
XSpray Pharma AB (publ)
XSPRAY.ST · Sweden · Healthcare · Biotechnology
INSIDER SIGNAL
8 insiders · 13 purchase events · €1.02m net purchases
Europe #81 · Sweden #12
WHY THIS SIGNAL?
Score anatomy
Each bar shows the contribution to the current score; the weights and formula stay unchanged.
How many distinct insiders bought in the cluster
Purchase value relative to company size and liquidity
The seniority and relevance of participating insiders
How recently the purchases occurred
How clearly buying stands out from other activity
What is holding the score back?
- ⚠ Purchase activity is becoming less recent
- ✓ Broad buyer cluster · 4+ distinct filers
- ✓ Strong insider role · ceo/chair involved
The role contribution uses the inverted role input of the current European model.
Buying concentration
Largest buyer:Anders Ekblom · 14.79m SEK
Gross qualified purchase transaction-line value:27.89m SEK
The headline € total is net buying for the screen; this module uses gross qualified purchase transaction-line values in the filing currency, so the amounts can differ. The current 15-day buyer-breadth input counts distinct buyers; value concentration is disclosed separately here.
This is a ranking under the current European screening rules—not a probability of gain, return forecast, or buy recommendation.
Key purchase quotes (filing currency)
| Filer | Price per unit | Trade date |
|---|---|---|
| Blake Leitch | 9.506747 SEK | Sep 28, 2026 |
| Anders Bladh, Ribbskottet | 10.5 SEK | Aug 20, 2026 |
| Anders Ekblom | 20 SEK | Apr 21, 2026 |
Model details
Cluster breakdown (does not change the score)
- 15-day buyer breadth (count)
- 4 distinct reported filers
- Peak time window
- 2026-04-21 to 2026-05-04
- Current breadth input
- 1.000 (capped at 4+ buyers)
- Buyer independence
- Not yet measured; related-party fields are not cross-market comparable
What the filings show
- 🟢 Recent eligible purchase
Blake Leitch · 475k SEK · Price 9.506747 SEK · Sep 28, 2026 - 🟢 Eligible purchase
Anders Bladh, Ribbskottet · 39k SEK · Price 10.5 SEK · Aug 20, 2026 - 🟢 Large eligible purchase
Anders Ekblom · 14.79m SEK · Price 20 SEK · Apr 21, 2026 - 🟡 11 remaining qualified transaction line(s) across 11 disclosure(s)
- 🔴 4 other transaction line(s) are not counted as discretionary-buying evidence; 2 have zero price
Insider vs stock price
8 purchase day(s), 15 purchase line(s) in the 180-day window. 1 sale day(s), 2 sale line(s).
Markers sit on the closing price of the transaction day. They show when insiders traded, not the price they paid or received. "Since" compares that day's close with the last close shown; it is what happened at this company, not a forecast.
If you had followed the purchase
Each row starts on the first close on or after the day a purchase was made public, the earliest a reader could have acted, and ends on the last close shown above.
| Made public | Insiders | In this stock, now | In the median peer stock, now | Difference |
|---|---|---|---|---|
| 2026-04-22 | 4 | 377 −62.3% | 890 −11.0% | −513 −51.3 pts |
| 2026-05-04 | 1 | 434 −56.6% | 931 −6.9% | −497 −49.7 pts |
| 2026-06-05 | 2 | 603 −39.7% | 959 −4.1% | −356 −35.6 pts |
| 2026-06-12 | 1 | 709 −29.1% | 962 −3.8% | −253 −25.3 pts |
| 2026-06-15 | 1 | 707 −29.3% | 972 −2.8% | −265 −26.5 pts |
| 2026-06-22 | 1 | 684 −31.6% | 1,016 +1.6% | −331 −33.1 pts |
| 2026-08-20 | 1 | 1,033 +3.3% | 989 −1.1% | +44 +4.4 pts |
| 2026-09-29 | 1 | 1,079 +7.9% | 1,024 +2.4% | +55 +5.5 pts |
2 of 8 disclosure day(s) ended ahead of the median peer stock.
Close to close, before costs, taxes, dividends and currency moves. The peer is the median of the other stocks on the same exchange for which this site holds prices (33 here), not an index. This is what happened, not a forecast: across all purchases on this site the typical gap is close to zero.
Insider timeline
4 insiders bought within 14 days, 21 Apr to 4 May: 3 Board member, 1 CEO / chair. 1 of them bought again later. 4 more bought afterwards. The share closed at 27.90 on the first of those days and at 10.74 most recently (−61.5%). That week 136 companies across Europe disclosed insider purchases, an ordinary week (26 of the last 26). 2 of the buyers also disclosed a sale in the window.
Tap an item for what it means.
●A purchase: the bigger the dot, the more was bought
Each dot is one insider's purchases on one day. The dot's area follows the amount: the largest purchase here gets the largest dot. Hold the pointer over a dot to see the date and the amount.
×A sale
A cross is one insider's sales on one day. People sell to pay tax, to cash in share awards or to hold less of one company, so a sale says less than a purchase does. When someone bought and sold on the same day, the cross sits beside the dot. The totals are under “Purchases against sales” below.
▮Purple band: several insiders bought within 15 days
The band marks the stretch with the most different buyers: at most 15 days long and at least two people. Here it is 21 Apr – 4 May, with 4 insiders. Only the strongest stretch is marked. Several people deciding the same thing is harder to explain by one person's private reasons, but insiders often buy together just after a closed period ends, so compare it with the grey weekly bars.
Blue line: this share's price, −61.5% over these six months
The closing price of each day, from 27.90 on 2026-04-21 to 10.74 on 2026-10-16. The line has no scale; read it for high and low: a dot on a low stretch was bought cheaply, a dot on a high stretch was not.
Dashed line: the typical stock on the same exchange, −9.2%
Taken from the 457 other stocks on the same exchange that this site holds prices for. Each is measured from the first day of the window, and every day the middle one is drawn. It starts where the blue line starts, so the gap between the two is the difference: this share −61.5%, the typical one −9.2%, 52.3 points behind. It is not an index and not a comparison within one industry.
▂Grey bars: companies across Europe disclosing purchases each week
A taller bar is a week in which more companies disclosed insider purchases. The purple bar is the week of the band above: 136 companies, number 26 of the last 26 weeks. If that week was a peak anyway, buying together is less special than it looks.
This company: insiders buying per month, last 12 months
Darker bars are inside the 180-day window above.
Who traded
| Insider | Role | Purchases | Sales | Bought | First purchase | Share price since | Earlier purchases |
|---|---|---|---|---|---|---|---|
| Anders Ekblom | CEO / chair | 1 | — | 14.8M SEK | 2026-04-21 | −61.5% | 8 completed, median −38.4% against peers after 60 sessions |
| Blake Leitch | CEO / chair | 3 | — | 1.2M SEK | 2026-06-12 | −29.1% | fewer than 5 completed |
| Anders Bladh | Board member | 3 | 1 | 1.3M SEK | 2026-04-21 | −61.5% | 7 completed, median −39.5% against peers after 60 sessions |
| Anders Lennart Bladh, Ribbskottet | Board member | 2 | — | 10.0M SEK | 2026-04-21 | −61.5% | 5 completed, median −39.1% against peers after 60 sessions |
| Christine Lind | Board member | 1 | — | 16.2k SEK | 2026-04-21 | −61.5% | 10 completed, median −38.7% against peers after 60 sessions |
| Anders Lennart Bladh | Board member | 1 | 1 | 492.0k SEK | 2026-06-03 | −57.0% | fewer than 5 completed |
| Curt Mikael von Euler-Chelpin | Board member | 1 | — | 48.3k SEK | 2026-06-18 | −31.3% | 6 completed, median −21.5% against peers after 60 sessions |
| Anders Bladh, Ribbskottet | Board member | 1 | — | 38.7k SEK | 2026-08-20 | +3.3% | fewer than 5 completed |
Why this score? · Model details
Priority = 100 × Σ(fixed weight × 0–1 rule-based input)
| Factor | Weight | This company input | Point contribution |
|---|---|---|---|
| 15-day buyer breadth (count) | 35% | 1.000 | 35.0 |
| Qualified-buy size | 25% | 0.897 | 22.4 |
| Role informativeness (inverted) | 20% | 0.000 | 0.0 |
| Recency | 10% | 0.268 | 2.7 |
| Buy/sell conviction | 10% | 0.916 | 9.2 |
This is a heuristic ordering under the current rules, not a calibrated return forecast. It explains why candidates rank differently; the public-filing evidence and data limits are shown below.
BULL VS BEAR
Two readings of this buying
The same filings, read two ways. Each line is a fact stored for this company with the number behind it, and appears only when that number crosses a fixed threshold. Neither side is a forecast and no winner is declared.
Since 2026-10-13: no longer on the bull side: large purchases; new on the bear side: price trails its sector. All bull and bear lists, and what followed each line in the past →
Where the evidence comes from
The two kinds of evidence disagree: the purchases themselves carry bull lines (several insiders together, more buyers than usual here, senior executive buying), while share price and trading argue against (price down over six months, price trails its sector). No data is held for: company results.
- The insider purchases themselvesBullseveral insiders together, more buyers than usual here, senior executive buying Bearassociated persons buying, buyer's past purchases trailed the benchmark4 checked, under the threshold · 1 missing
- Share price and tradingBearprice down over six months, price trails its sector
- Short sellers1 checked, under the threshold
- Company results2 missing
- Company actionsBearsubscription to new shares
Bull case · the buying is informative
- 4 insiders bought within 15 days (2026-06-03 to 2026-06-18). Several people reaching the same decision at the same time is hard to put down to one person's circumstances.Record: after 5,401 earlier disclosures like this, the median 60-session excess return was −3.3%, within 1 percentage point of all comparable disclosures (−3.3%).
- No insider bought in the 180 days before this window; 8 have bought in it. The buying is new for this company, not a habit.Record: after 3,134 earlier disclosures like this, the median 60-session excess return was −2.7%, within 1 percentage point of all comparable disclosures (−2.7%).
- The buyers include the CEO or chair, who sees more of the business than most filers. This site's score gives little or no credit for that: in its backtests purchases by senior executives did no better than other insiders' purchases.Record: after 8,797 earlier disclosures like this, the median 60-session excess return was −3.1%, within 1 percentage point of all comparable disclosures (−3.2%).
Bear case · discount it
- Company actions6 of 15 purchase lines are subscriptions to newly issued shares (“Teckning”), bought from the company at an issue price and not in the market. Insiders often take part to support a financing.
- 5 of 8 buyers are filed as persons closely associated with a manager (family or a holding vehicle), not the manager. This model weights such filers among the least informative.Record: after 1,554 earlier disclosures like this, the median 60-session excess return was −7.4%, 1.6 percentage points below all comparable disclosures (−5.8%).
- Share price and tradingThe share price is down 63% over six months (three months −29%, one month +11%) and stands 83% below its 52-week high. Insiders have bought into a fall the market has not reversed.Record (nearest stored case: price 20% or more below its prior 52-week high): after 11,077 earlier disclosures like this, the median 60-session excess return was −3.2%, within 1 percentage point of all comparable disclosures (−2.6%).
- Share price and tradingOver three months the share price changed −29% and the median of 271 Healthcare companies changed −6.3%: 23 points behind. The market has marked this company down against its own sector.
- The 10 earlier purchases by Christine Lind trailed OMX Stockholm 30 by a median 39% over the following 60 trading days.
Evidence still missing
- The company's market value is not captured, so the purchases cannot be stated as a share of the business.
- No earnings, margin or cash-flow figures are captured for this company. The latest annual and interim reports are where to check whether the business is improving or deteriorating.
- The filings give the size of each trade, not what the buyer already held. Whether a purchase added 1% to a personal stake or doubled it is not known.
Checked and under the threshold: 5
- BearThe largest buyer accounts for 53% of the value bought. Counted for the bear side from 80%.
- EitherInsider purchases in the last 20 sessions equal 2.4% of the stock's traded value. Bull from 5.0%, bear below 0.50%.
- BearInsiders sold €103k in the same 180 days, 9.2% of the amount bought. Counted for the bear side from 25%.
- EitherThe latest purchase is 19 days old. Bull up to 14 days, bear from 90.
- BearThe register of Finansinspektionen shows no published net short position in this company. Positions under 0.5% are never published, so this does not show that nobody is short.
Both columns arrange stored facts only. They do not change the insider score or the ranking and are not investment advice.
Signal history
Latest recorded score
- Recorded snapshots
- 35
- First snapshot
- 2026-08-26
Only scores captured when the scoring run completed are compared. These are raw signal scores saved when each full scoring run completed. They describe changes in research ranking, not price performance or returns.
Why did it change?
Decomposition across the five score factors between comparable snapshots; historical scores are not recalculated.
- Purchase size+0.1 pts
- Recency+0.9 pts
Signal score history
Fixed 0–100 scale; dates are spaced by calendar time.
Recent recorded points
- 66.7
- 69.3
- 67.1
- 71.9
- 69.3
View all recorded scores
| Snapshot date | Signal score |
|---|---|
| 2026-08-26 | 66.7 |
| 2026-08-27 | 66.7 |
| 2026-08-28 | 72.2 |
| 2026-08-31 | 71.1 |
| 2026-09-01 | 70.8 |
| 2026-09-02 | 70.5 |
| 2026-09-03 | 70.3 |
| 2026-09-04 | 70.0 |
| 2026-09-07 | 69.3 |
| 2026-09-08 | 69.2 |
| 2026-09-09 | 69.0 |
| 2026-09-10 | 68.8 |
| 2026-09-11 | 68.6 |
| 2026-09-14 | 68.2 |
| 2026-09-23 | 67.4 |
| 2026-09-24 | 67.3 |
| 2026-09-25 | 67.3 |
| 2026-09-28 | 67.1 |
| 2026-09-29 | 75.9 |
| 2026-09-30 | 75.3 |
| 2026-10-01 | 74.7 |
| 2026-10-02 | 74.1 |
| 2026-10-03 | 74.1 |
| 2026-10-04 | 74.1 |
| 2026-10-05 | 72.7 |
| 2026-10-06 | 72.3 |
| 2026-10-07 | 71.9 |
| 2026-10-08 | 71.6 |
| 2026-10-09 | 71.2 |
| 2026-10-12 | 70.4 |
| 2026-10-13 | 70.1 |
| 2026-10-14 | 69.9 |
| 2026-10-15 | 69.6 |
| 2026-10-16 | 69.4 |
| 2026-10-18 | 69.3 |
Sector context
- Buying breadth
- 6.1% (48 / 792 issuers)
- Sector rank
- #11 / 12
- 7D breadth change
- -0.4 pp · vs 2026-10-12 (6d)
- 30D breadth change
- History building
This is sector-level research context. It does not affect the Insider Signal or ranking.
Insider profile outcomes
Historical performance following insider filings. The company role is translated below each name while preserving the original title.
- Excess return = stock return − OMX Stockholm 30 return over the same period.
- Hit rate = completed events with positive excess return ÷ total completed events.
- Price coverage = valid point-in-time prices ÷ events mature enough for that period.
- Returns start on the first shared trading session on or after publication.
- Small-sample rule: n<5 is shown for transparency and is not scored.
Events are disclosure-level observations; related disclosures published on the same date may share a return path and may not be statistically independent. This research enrichment does not affect the insider score or ranking.
| Period | Completed events | Price coverage | Hit rate | Median excess return | Average excess return | Worst excess return |
|---|---|---|---|---|---|---|
| 5D | 8Developing evidence | 100.0% (8/8) | 25.0% (2/8) | -2.8% | -1.0% | -23.3% |
| 20D | 8Developing evidence | 100.0% (8/8) | 12.5% (1/8) | -9.0% | -16.3% | -82.3% |
| 60D | 8Developing evidence | 100.0% (8/8) | 12.5% (1/8) | -38.4% | -40.5% | -85.0% |
| 120D | 8Developing evidence | 100.0% (8/8) | 12.5% (1/8) | -63.1% | -42.6% | -85.8% |
| Period | Completed events | Price coverage | Hit rate | Median excess return | Average excess return | Worst excess return |
|---|---|---|---|---|---|---|
| 5D | 7Developing evidence | 100.0% (7/7) | 42.9% (3/7) | -2.8% | -2.5% | -14.9% |
| 20D | 7Developing evidence | 100.0% (7/7) | 0.0% (0/7) | -18.0% | -24.7% | -52.6% |
| 60D | 7Developing evidence | 100.0% (7/7) | 0.0% (0/7) | -39.5% | -38.1% | -49.8% |
| 120D | 5Developing evidence | 100.0% (5/5) | 0.0% (0/5) | -61.9% | -44.1% | -67.5% |
Market context
PRICE PERFORMANCE
VOLATILITY & LIQUIDITY
- Volatility
- 80.7%
- Beta
- —
- Avg daily volume
- SEK 1.3M
VALUATION
- Market cap
- —
- P/E
- —
FUNDAMENTALS
- Profit margin
- —
- ROE
- -45.8%
- Industry
- —
Prices to 16 Oct 2026: price cache (EODHD). From the company's annual report ↗, fiscal year ended 31 Dec 2024: ROE. It does not affect the insider score or rank.
Disclosed net short positions
The Finansinspektionen register, read 18 Oct 2026, publishes no net short position of 0.5% or more in this issuer. Positions below 0.5% are never published, so this is not evidence that nobody is short.
Short-position disclosures are external context; they do not affect the insider score, ranking, or filing eligibility.
Insiders' buying price vs the latest close
Insiders paid 15.97 SEK a share on average (8 purchase lines, 5 buyers, 2026-06-03 – 2026-09-28). The close on 2026-10-16 was 32.8% below that price.
The latest purchase (2026-09-28) was at 9.51 SEK; the close was 13.0% above that price.
Prices paid are weighted by shares and taken from the filings; dividends are not counted. Not scored.
Buying size vs market trading
2.40% · of estimated traded value in the same period
2026-09-21 – 2026-10-16 · 20 recorded trading sessions
- Disclosed qualifying purchases
- 475,337 SEK
- Estimated market traded value
- 19,827,516 SEK
Market-data coverage: 507 verified sessions · Latest session: 2026-10-16 · Ratio status: Available
Recent and largest purchase events / preceding 60-session ADTV
- Sep 28 · Blake Leitch · Verkställande direktör (VD)475,337 SEK · 36.47%1,303,218 SEK ADTV
- Aug 20 · Anders Bladh, Ribbskottet · Styrelseledamot38,745 SEK · 1.40%2,763,092 SEK ADTV
- Jun 18 · Curt Mikael von Euler-Chelpin · Annan medlem i bolagets administrations-, lednings- eller kontrollorgan48,300 SEK · 1.38%3,495,266 SEK ADTV
- Jun 15 · Blake Leitch · Verkställande direktör (VD)76,628 SEK · 2.24%3,417,978 SEK ADTV
- Jun 12 · Anders Bladh · Styrelseledamot29,869 SEK · 0.89%3,362,706 SEK ADTV
- Jun 12 · Blake Leitch · Verkställande direktör (VD)664,977 SEK · 19.78%3,362,706 SEK ADTV
- Jun 03 · Anders Bladh · Styrelseledamot654,852 SEK · 28.21%2,320,988 SEK ADTV
- Jun 03 · Anders Lennart Bladh · Styrelseledamot491,975 SEK · 21.20%2,320,988 SEK ADTV
Traded value is estimated as close × shares traded, in major currency units. Includes disclosed qualifying purchases; disclosures may lag. Contractual or planned acquisitions are not necessarily discretionary. Ratios describe relative trading size, not market participation or score contributions.
Latest news
No news has been captured for this company.
Regulatory filings
The filing records held for this company carry no link to the original notice.
Filing evidence
These are underlying national-feed records from the 365-day window ending on the saved ranking snapshot. The score uses only the latest 180 days; older qualifying equity purchases remain visible for audit but do not enter the current score. The original filer, role, transaction classification, instrument, price, volume, value and source fields are retained. The first three rows are shown; remaining records can be unfolded for audit. Other transaction types are retained but excluded from the score.
Excluded transactions & classification
15 qualifying purchase disclosure(s) · 15 transaction line(s)
Unfold all 12 remaining filing row(s)
| Transaction date | Published | Filer | Role | Transaction | Instrument | Price (local currency) | Quote currency | Volume | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-06-15 | 2026-06-15 | Blake Leitch | Verkställande direktör (VD) | Förvärv | Aktie | 15.14079 SEK | SEK | 5061.0 | — |
| 2026-06-12 | 2026-06-15 | Blake Leitch | Verkställande direktör (VD) | Förvärv | Aktie | 14.797319 SEK | SEK | 44939.0 | — |
| 2026-06-12 | 2026-06-12 | Anders Bladh | Styrelseledamot | Förvärv | Aktie | 14.86 SEK | SEK | 2010.0 | — |
| 2026-06-03 | 2026-06-05 | Anders Lennart Bladh | Styrelseledamot | Förvärv | Aktie | 24.6 SEK | SEK | 19999.0 | — |
| 2026-06-03 | 2026-06-05 | Anders Bladh | Styrelseledamot | Förvärv | Aktie | 24.6 SEK | SEK | 26620.0 | — |
| 2026-05-04 | 2026-05-04 | Anders Lennart Bladh, Ribbskottet | Styrelseledamot | Förvärv | BTA (betald tecknad aktie) | 26.49 SEK | SEK | 16594.0 | — |
| 2026-04-21 | 2026-04-22 | Anders Ekblom | Styrelseordförande | Teckning | BTA (betald tecknad aktie) | 20.0 SEK | SEK | 6050.0 | — |
| 2026-04-21 | 2026-04-22 | Christine Lind | Styrelseledamot | Teckning | BTA (betald tecknad aktie) | 20.0 SEK | SEK | 810.0 | — |
| 2026-04-21 | 2026-04-22 | Anders Lennart Bladh, Ribbskottet | Styrelseledamot | Teckning | BTA (betald tecknad aktie) | 20.0 SEK | SEK | 475764.0 | — |
| 2026-04-21 | 2026-04-22 | Anders Lennart Bladh, Ribbskottet | Styrelseledamot | Teckning | BTA (betald tecknad aktie) | 20.0 SEK | SEK | 1818.0 | — |
| 2026-04-21 | 2026-04-22 | Anders Bladh | Styrelseledamot | Teckning | BTA (betald tecknad aktie) | 20.0 SEK | SEK | 30420.0 | — |
| 2026-04-21 | 2026-04-22 | Anders Ekblom | Styrelseordförande | Teckning | BTA (betald tecknad aktie) | 20.00 SEK | SEK | 733618.0 | — |
Showing 15 of 15 matching raw-feed row(s) from the current 365-day research window. Prices and reported values remain in the filing currency and its major unit (for example, UK pence are parsed as GBP). The screen-level € aggregate is separately FX-normalised for research ranking, not a trade-date conversion.
Other disclosed transactions · excluded from score
View 5 other transaction(s)
Unfold all 2 remaining filing row(s)
| Transaction date | Published | Filer | Role | Transaction | Instrument | Price (local currency) | Quote currency | Volume | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-04-21 | 2026-04-22 | Anders Ekblom | Styrelseordförande | Lösen minskning | Teckningsrätt/Uniträtt | 0.0 SEK | SEK | 7336180.0 | — |
| 2026-04-17 | 2026-04-22 | Christine Lind | Styrelseledamot | Avyttring | Teckningsrätt/Uniträtt | 0.6773 SEK | SEK | 4.0 | — |
Showing 5 of 5 matching raw-feed row(s) from the current 365-day research window. Prices and reported values remain in the filing currency and its major unit (for example, UK pence are parsed as GBP). The screen-level € aggregate is separately FX-normalised for research ranking, not a trade-date conversion.
Snapshot & identity
- Snapshot date
- 2026-10-18
- Ticker
- XSPRAY.ST
- ISIN
- SE0009973563
- Sector
- Healthcare
- Industry
- Biotechnology
Company logos by Parqet