Good morning and happy Monday!

Last week’s insider action came with a bit of everything. A Congressman made a quiet but curious move into DoorDash, as the Hill continues to legislate on the future of gig workers. Meanwhile, Carvana’s COO offloaded over $10 million in stock — right as used car prices start to cool. And then there’s Point72, which just made a big bet on Relay Therapeutics, a biotech stock that's been getting absolutely crushed.

Here’s what went down.

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Byron Donalds Bets on DoorDash

On March 25, 2025, U.S. Rep. Byron Donalds (R-FL) disclosed buying DoorDash $DASH ( ▲ 1.72% ) in a trade valued between $1,001 and $15,000, executed back in mid-February.

Sure, it’s not a flashy $TSLA ( ▼ 0.58% ) or $META ( ▲ 4.23% ) buy. But the timing’s interesting. The gig economy is a hot topic in D.C., with legislations looming over how companies like DoorDash treat their workers.

DoorDash’s stock has done well in recent quarters as the company continues to branch out into groceries and retail. Donalds’ modest buy could potentially be a signal that scale wins out, and the company’s dominance in food delivery could help it surf through the political chop.

Carvana COO Cashes Out $10.5M

On March 24, 2025, Carvana $CVNA ( ▲ 3.08% ) Chief Operating Officer Benjamin Huston sold 50,000 shares at an average price of $210.35, pulling in $10.5 million.

Huston still holds 146,278 shares, but this latest sale comes just as the industry hits a tricky patch: used car prices are softening and investors are still unsure about Carvana’s long-term model.

The stock’s been on a tear over the past year, thanks to margin improvements and debt restructuring. But a sale this size? It could be profit-taking — or a quiet signal that things might get bumpier ahead.

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Point72 Goes Big on a Beaten Biotech

On March 20, 2025, Steve Cohen’s Point72 took a massive swing at Relay Therapeutics $RLAY ( ▼ 1.2% ) , boosting its position by more than 500% compared to the previous reporting period. The hedge fund disclosed purchasing 8.1 million shares over the last 3 months — now worth around $35.5 million.

Here’s the kicker: Relay is down 34% YTD. It’s a biotech name that’s struggled like much of the sector, with clinical hopes riding high and investor patience running low.

But this is classic Cohen — leaning in hard when the rest of the market is running scared. Whether it’s confidence in an upcoming trial readout or a potential partnership brewing, Point72 clearly sees something the rest of the street is missing.