United Therapeutics (UTHR) CEO sells 9,500 shares after stock option exercise
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
United Therapeutics Corp Chairperson & CEO Martine Rothblatt reported an option exercise and related share sales. On June 9, 2026, she exercised 9,500 stock options for common stock at an exercise price of $146.03 per share, then sold 9,500 common shares in a series of open‑market transactions at weighted average prices around $545–$553 per share.
The filing notes these transactions were carried out under a pre‑arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which is scheduled to continue until the earlier of exercising 1,734,410 stock options that expire on March 15, 2027 or December 31, 2026. After these trades, the report shows 50,013 common shares held directly, along with additional indirect holdings through various family trusts and by a spouse, and 69,410 stock options remaining from the reported option grant.
Positive
- None.
Negative
- None.
Insights
Routine option exercise-and-sell under a 10b5-1 plan, limited signal.
Martine Rothblatt, Chairperson & CEO of United Therapeutics, exercised 9,500 stock options at an exercise price of $146.03 per share and sold the resulting 9,500 common shares through multiple open-market trades around $545–$553 per share.
The filing states this activity occurred under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. Such plans typically schedule trades in advance, so the timing carries less informational weight about management’s current view than unscheduled sales.
The report shows 50,013 common shares held directly, additional indirect holdings via family trusts and a spouse, and 69,410 stock options remaining from the reported grant, plus a plan that may cover up to 1,734,410 options through December 31, 2026. This looks like ongoing portfolio management rather than a thesis-changing move.
Insider Trade Summary 10b5-1
Net Seller: 9,500 shares ($5,218,534)
Net Sell
16 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.22M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 9,500 | $0.00 | -- |
| Exercise | Common Stock | 9,500 | $146.03 | $1.39M |
| Sale | Common Stock | 491 | $544.6909 | $267K |
| Sale | Common Stock | 916 | $545.6642 | $500K |
| Sale | Common Stock | 1,534 | $546.6609 | $839K |
| Sale | Common Stock | 1,499 | $547.6678 | $821K |
| Sale | Common Stock | 280 | $548.8371 | $154K |
| Sale | Common Stock | 480 | $549.7748 | $264K |
| Sale | Common Stock | 1,320 | $551.3459 | $728K |
| Sale | Common Stock | 2,760 | $552.446 | $1.52M |
| Sale | Common Stock | 220 | $552.8936 | $122K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 69,410 shares (Direct, null);
Common Stock — 50,013 shares (Direct, null);
Common Stock — 166 shares (Indirect, by Spouse)
Footnotes (1)
- This exercise of stock options and sale of the resulting shares of common stock was pursuant to a pre-arranged 10b5-1 trading plan adopted by the reporting person on November 7, 2025. This plan will continue until the earlier of: (a) the exercise of 1,734,410 stock options, all of which expire on March 15, 2027; or (b) December 31, 2026. This transaction was executed in multiple trades at prices ranging from $552.85 to $552.95. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. Shares held in family trusts as to which the Reporting Person shares investment power and the Reporting Person and/or immediate family members are beneficiaries. Shares held in family trusts as to which the Reporting Person's spouse is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke. Shares held in family trusts as to which the Reporting Person's spouse shares investment power and the Reporting Person and/or immediate family members are beneficiaries. Shares held in family trusts as to which the Reporting Person is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke. This transaction was executed in multiple trades at prices ranging from $544.15 to $545.13. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $545.21 to $546.19. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $546.23 to $547.18. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $547.23 to $548.22. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $548.24 to $549.10. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $549.29 to $550.21. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $550.84 to $551.78. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $551.84 to $552.83. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
Key Figures
Options exercised: 9,500 shares
Exercise price: $146.03 per share
Shares sold: 9,500 shares
+5 more
8 metrics
Options exercised
9,500 shares
Common stock acquired via stock option exercise on June 9, 2026
Exercise price
$146.03 per share
Stock option exercise price for 9,500 shares
Shares sold
9,500 shares
Total common shares sold in open-market transactions on June 9, 2026
Example sale price
$552.89 per share
Representative weighted average sale price from reported S-code trades
Direct common shares after transactions
50,013 shares
Direct holdings following reported June 9, 2026 activity
Remaining stock options
69,410 options
Stock options outstanding from the reported grant after exercise
10b5-1 plan option cap
1,734,410 options
Maximum stock options to be exercised under the trading plan
Largest trust holding example
324,443 shares
Common stock held indirectly by a family trust after transactions
Key Terms
Rule 10b5-1 trading plan, stock options, weighted average price, family trusts, +2 more
6 terms
Rule 10b5-1 trading plan regulatory
"exercise of stock options and sale of the resulting shares of common stock was pursuant to a pre-arranged 10b5-1 trading plan"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
stock options financial
"exercise of 1,734,410 stock options, all of which expire on March 15, 2027"
Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.
weighted average price financial
"The price reported above reflects the weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
family trusts financial
"Shares held in family trusts as to which the Reporting Person shares investment power"
open-market sale financial
"transaction_action": "open-market sale""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
derivative security financial
"Exercise or conversion of derivative security"
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
FAQ
What insider transactions did UTHR CEO Martine Rothblatt report on June 9, 2026?
She exercised 9,500 stock options for United Therapeutics common stock at an exercise price of $146.03 per share, then sold 9,500 common shares in multiple open-market trades at weighted average prices around $545–$553 per share, all on June 9, 2026.
Was the United Therapeutics (UTHR) insider trading under a Rule 10b5-1 plan?
Yes. The filing states the option exercise and resulting stock sales were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. The plan is scheduled to continue until certain options are exercised or until December 31, 2026, whichever comes first.
What stock option position remains for the UTHR CEO after exercising options?
Following the reported exercise of 9,500 options at $146.03 per share, the Form 4 shows 69,410 stock options still outstanding from that grant, expiring March 15, 2027. A 10b5-1 plan covering up to 1,734,410 options is described, potentially guiding future exercises and sales.
How are United Therapeutics CEO’s indirect holdings structured in this Form 4?
The filing describes indirect ownership of common stock through various family trusts and by a spouse. Footnotes explain that the CEO or spouse may serve as trustee, co-trustee, settlor, or beneficiary, with shared or sole investment power and family members as beneficiaries of those trusts.