Director Franklin Berger Buys $120K of Retension Stock at $12.00
RTSN sits 29% above its 52-week low of $9.66 on light trading volume (0.4× avg).
Summary
Director Franklin Berger bought $120,000 of Retension Pharmaceuticals stock at $12.00 per share on the IPO closing date, a real-money open-market purchase. The filing also shows a mechanical conversion of 12,517 preferred shares into common stock tied to the IPO.
Key Events · Ownership and Investor Activity · RTSN
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Director Buys $120K at IPO Price
Director Franklin M. Berger purchased 10,000 shares at $12.00 per share for $120,000 on 2026-10-13, held indirectly via FMB Research.
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Preferred Stock Converts at IPO
12,517 shares of Series B Convertible Preferred Stock converted automatically into 12,517 shares of common stock immediately prior to the IPO closing, with no consideration paid.
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Purchase Near 52-Week High
The $12.00 purchase price matches the IPO price and is near the stock's 52-week high of $12.50, indicating the director is buying at the top of the recent range.
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Real-Money Commitment
The transaction is an open-market purchase (Code P), not an option exercise or grant, representing roughly 0.3% of the company's market cap.
Analysis · RTSN · Life Sciences
Director Franklin M. Berger purchased 10,000 shares at $12.00 per share for $120,000 on the same day the company's IPO closed. The purchase was made indirectly through FMB Research. This is a real-money open-market buy by a board member, not an option exercise or grant. The transaction represents roughly 0.3% of the company's market cap, which is a meaningful personal commitment for a director. The purchase price of $12.00 matches the IPO price, and the stock is trading near its 52-week high of $12.50, suggesting the director is buying at or near the top of the recent range. Separately, 12,517 shares of Series B Convertible Preferred Stock converted automatically into common stock immediately prior to the IPO closing, with no consideration paid — a mechanical conversion tied to the offering, not a new purchase.
How filings like this one have moved
In the 30 days to Oct 13, 2026, 29.1% of the 1502 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.50%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, RTSN was trading at $12.49 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $91.7M. The 52-week trading range was $9.66 to $12.50. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.