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Overview


What did Sec. Price Make off of Insider Investments?

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Overview


What did Sec. Price Make off of Insider Investments?

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Featuring live stock value updates through Yahoo! Finance, this calculation tracks the increase in value of Secretary Tom Price's insider investment in Innate Immunotherapeutics Ltd. since the Price first invested in 2016 as a Member of Congress.
Last year, Secretary Price participated in a privileged, discounted stock offering in Innate Immunotherapeutics, a company directly impacted by the health policy changes Secretary Price was working on at the time. On Sept. 1, when the actual price of a share in Innate Immunotherapeutics was $0.31, Secretary Price was offered the opportunity to purchase shares at the price of $0.18 each. Secretary Price bought 400,613 shares, making an instant profit of $57,080.
Today, shares of Innate Immunotherapeutics have more than quadrupled in value. Our tracker follows the price of Innate Immunotherapeutics shares up to the minute to display the real-time increase in value of Secretary Tom Price's insider investment.

Methodology: In September, Secretary Tom Price bought 400,613 shares of Innate Immunotherapeutics Ltd. at the price of $0.18 each, for a total cost of $72,110. Our live update tool calculates the current value of Secretary Price's stock, multiplying 400,613 shares by the up-to-the-minute value of Innate Immunotherapeutics stock. We then subtract the cost of Secretary Price's original purchase to calculate the total money made by Secretary Price through this stock purchase. 

 
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Suspect Investments


Suspect Investments


Background of Suspect Investments

Innate Immunotherapeutics Ltd

In August 2016, Price bought between $50,000 and $100,000 of Australian biomedical firm, Innate Immunotherapeutics Ltd., whose largest shareholder is a GOP congressman on the Trump transition team. Fewer than 20 US investors were given the opportunity to purchase the stock, which was given at a 12% discount. In December 2016, Price voted for legislation that could benefit Innate Immuno. The closing price on the Australian Exchange on the day Mr. Price made his purchase was AU$0.41, and the stock has increased more than 150%.


Zimmer Biomet

In March 2016, according to a CNN investigation, Price bought up to $15,000 worth of stock in Zimmer Biomet, a medical device company that specializes in hip and knee implants. Two days later, he introduced legislation to delay a regulation that would have hurt the company’s business by changing how Medicare and Medicaid reimburse those procedures. Zimmer Biomet then donated to his campaign.


Eli Lilly

Bristol-Meyers Squibb

Amgen

McKesson

Pfizer

Biogen

On March 8, 2016, the Obama Administration proposed a new rule to reduce Medicare doctors’ incentives to prescribe expensive treatments for cancer drugs and arthritis treatments. On April 15, Price signed on as an original co-sponsor on legislation introduced in the House that would have blocked the proposed regulatory changes. Between those dates,  Price invested between $1,000 and $15,000 in each of six pharmaceutical companies: Eli Lilly, Bristol-Meyers Squibb, Amgen, McKesson, Pfizer and Biogen. Those six companies strongly opposed CMS’s new Medicare proposal, lobbied against it in Congress and created a public relations campaign against the change.


Apria

In May 2016, Price introduced the Patient Access to Durable Medical Equipment Act to block Medicare changes to reimbursements for durable medical equipment. A week later, he purchased up to $15,000 worth of shares in Blackstone, which owns the privately held home medical equipment company Apria. Apria sells home medical equipment, including walkers, hospital beds and wound therapy devices. Apria spent up to $100,000 lobbying members of Congress to support Price’s bill between May and June.

 

Since 2012, Price has traded shares worth more than $300,000 in about 40 health-related companies, according to a Wall Street Journal analysis

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Statements


Statements


Statements on Price Nomination

“Members of Congress should use their offices to work for the people they represent—not line their own pockets,” said Senator Patty Murray, Ranking Member of the Senate Health, Education, Labor, and Pensions (HELP) Committee. “I hope that my Republican colleagues will reverse course on Congressman Price’s planned vote and allow adequate time for the serious ethical questions that remain to be fully investigated.”

 

“The discussion about Congressman Price’s nomination is about whether ethical responsibilities have been completely thrown out the window. Congressman Price’s record is clear: he trades in health care stocks, advocates for policies that help his portfolio, and has gotten special access to promising stock deals while serving as a member of Congress,” said Senator Ron Wyden, Ranking Member of the Senate Finance Committee. “Congressman Price stands to be responsible for the heath care of over 100 million Americans, including seniors and the most vulnerable among us, so the public has a right to see an honest accounting of where his financial priorities lie before the Senate votes on his nomination.”

 

“Today, sitting Senators, grassroots activists and ordinary Americans came together to call out Congressional Republicans for their gutless attack on the health of all Americans. By nominating Rep. Tom Price as HHS Secretary – a man who has wielded the power of legislation to court corporate influence and possible back door dealing in his own self-interest – President Trump has tipped his hand at who he truly cares about in this country. The Democratic Party will not simply resist. We will continue to defend the 30 million Red, Blue – and Purple – state voters that now have affordable health care. Working people have a right to quality healthcare and we will never stop fighting for that,” said Neera Tanden, President of the Center for American Progress Action Fund.

 

"If he didn't fight for my health as my Congressman, why should we depend on him to fight for the health of all Americans as HHS Secretary?" said Vicki Hopper, a breast cancer survivor who depends on the affordable Care Act and constituent of Secretary Tom Price's former congressional district.

 

“Congressman price's ever changing answers to the question of his stock trades require more time for examination. His conduct raises serious ethical and legal questions, including under the STOCK Act. There is no excuse for rushing his nomination through to a vote when these matters have not been resolved,” said Norman Eisen, former Ambassador and Board Chair of Citizens for Responsibility and Ethics in Washington (CREW).

 

“Congressman Price clearly violated the spirit of the STOCK Act. We’re asking the Senate to delay any vote on Price’s nomination until the SEC has had the opportunity to determine whether his actions also violated the letter of the law. Using your elected position to cheat the stock market isn’t a joke – it’s a federal offense. And before the Senate rushes to confirm a nominee for the president’s cabinet, the public deserves to know whether they’re guilty of insider trading,” said Chris MacKenzie, spokesman for the U.S. Public Interest Research Group (PIRG).

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Coalition


Coalition


Good Government Groups Urge Delay

Following reports of privileged and discounted stock trading by Secretary Tom Price (GA-06), good government groups joined together Tuesday, February 7, urging the Senate to delay any vote on Mr. Price’s nomination for Secretary of Health and Human Services (HHS). In a letter to Sens. Mitch McConnell and Chuck Schumer, advocates urged Senate leadership to delay voting on Mr. Price’s nomination until the Securities and Exchange Commission (SEC) has had the opportunity to fully investigate potential violations of the law.


February 7, 2017

The Honorable Charles Schumer
Minority Leader
S-221 U.S. Capitol
Washington, D.C. 20510

The Honorable Mitch McConnell
Majority Leader
S-230 U.S. Capitol
Washington, D.C. 20510

Dear Congressional Leaders:

As organizations advocating for transparency and accountability in government, we write to express our deep concern with the stock market trading activities of Rep. Tom Price (R-Ga.) for possible violations of insider trading and conflicts of interest laws and regulations. We urge you to delay any vote on Mr. Price’s nomination for Secretary of the Department of Health and Human Services (HHS) until the Securities and Exchange Commission (SEC) has had the opportunity to investigate this matter fully.

The STOCK Act, which many of our organizations supported passage of, explicitly forbids insider trading by members of Congress and mandates real-time disclosure of stock trading activity by federal lawmakers. Despite prohibitions on buying and selling stock based on non-public information, Mr. Price has purchased privileged, discounted stocks with companies directly impacted by legislation on which he was working.

Last week, reports revealed that Mr. Price sought stock buying opportunities through fellow members of Congress in Innate Immunotherapeutics Ltd. Mr. Price purchased stocks in this company at a heavily discounted rate available to less than 20 investors across the United States, and made an immediate profit in the tens of thousands of dollars following his purchase. As a sitting member of Congress actively working to pass health policy changes, Mr. Price abused the trust of the American public by accepting discounted health stock offers and he may have broken the law.

Mr. Price’s stock purchase with Innate Immunotherapeutics Ltd. reflects a long history of inappropriate trading activity in pharmaceutical and healthcare stocks. As Chair of the House Budget Committee and a sitting member of the House Ways and Means Subcommittee on Health, Mr. Price plays a critical role in shaping healthcare legislation which influences the value of companies in the healthcare industry. Since 2012, Mr. Price has bought and sold stocks in about 40 pharmaceutical and healthcare companies, including at least a dozen in the most recent congressional session.

These patterns of extensive trading activity in businesses and industries that Rep. Price oversees in his official capacity, and the beneficial timing of these trades, raise legitimate questions concerning both potential insider trading and conflicts of interest.

Lawmakers and government reform advocates have submitted requests to the SEC for a full investigation of Mr. Price’s stock buying activities and potential violations of the law. The ongoing controversies of stock trading activity by Mr. Price warrant closer scrutiny to determine whether congressional ethics rules and the laws against insider trading and self-dealing were violated. We urge you to delay any vote on Mr. Price’s nomination for HHS Secretary until the SEC has had time to act.

Delaying this vote will protect the integrity of the institution to which Mr. Price has been nominated and the sanctity of the law as applied to members of Congress. We stand ready to work with you on this important issue.

Sincerely,

Center for Media and Democracy
Citizens for Responsibility and Ethics in Washington (CREW)
Common Cause
CREDO
Democracy 21
Democracy Matters
End Citizens United
Every Voice
Free Speech for People
Money Out Voters In
Public Citizen
Represent.Us
The Rootstrikers Project at Demand Progress
U.S. Public Interest Research Group (PIRG)

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Presser


Presser


Senate Lawmakers Join Advocates Calling for Postponement

Senators Patty Murray (D-WA), Ron Wyden (D-OR), Chuck Schumer (D-NY) and advocates held a press conference today urging Senate Majority Leader Mitch McConnell to postpone Secretary Tom Price’s (R-GA) confirmation vote to be Secretary of Health and Human Services (HHS) until outstanding concerns regarding his medical stock trades have been thoroughly investigated by the Office of Government Ethics (OGE) and the U.S. Securities and Exchange Commission (SEC). Senators and advocates were joined by Vicki Hopper, a breast cancer survivor and constituent of Secretary Price, who spoke on the devastating impact of Secretary Price’s support for ripping apart our health care system.

The Senate has scheduled a final vote tomorrow on the nomination of Secretary Price, rushing to advance his confirmation despite outstanding and significant questions about his qualifications and ethical conduct.

At question is Secretary Price’s involvement with Innate Immunotherapeutics, an Australian biotech firm, and the investments he made in the company after discussions with Rep. Chris Collins (D-NY), an Innate Immunotherapeutics investor and board member, who also served on President Trump’s transition team.