Michael E. Porter

Michael E. Porter is a declared insider at 4 companies; the most frequent names are Thermo Fisher Scientific Inc., Merrimack Pharmaceuticals Inc and PTC Inc. We count 151 filings; the first trade dates from 6 February 2006 and the latest from 10 March 2017.

In open-market terms, that means 46 purchases worth €2.6M on one side and 55 sales worth €3.2M on the other. Taken together, the sales exceed the purchases by €579k. Open-market purchases are the filings investors watch most closely, because the insider pays for the shares out of pocket. The rest of the record consists of 15 share grants and 29 option exercises.

The median purchase comes to €44k. Clusters matter here: 7 out of 7 purchases overlapped with buying by a colleague within 30 days. Purchases made close together by different insiders form what is called a cluster. Ninety days after publication, 7 purchases show a median change of +11.2%, with the price up in 86% of them. This is a record of the past, not a forecast.

The latest filing, published on 13 March 2017, reports an option exercise of €216k in Merrimack Pharmaceuticals Inc. The last purchase on record was published on 21 March 2016, which is 3,884 days ago. Typically, a trade is published a median of 1 day after it takes place. Section 16 rules allow two business days to file each Form 4. Sales are harder to read than purchases, since they often meet personal needs such as tax or diversification. These figures are compiled from regulatory filings published by SEC (Form 4). They describe what insiders did and are not a recommendation.