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Lankler Douglas M: insider trades

Officer at Pfizer. No open-market purchases and 14 sales not made under a pre-set plan, reported from May 31, 2011 to May 13, 2022.

What happened after Lankler Douglas M’s sales?

After their sales, the shares moved −4.9% against the index over 12 months on average (a negative figure means selling was the right call); 50% trailed it.

With 296 insiders tested, some will look skilled or unskilled by chance alone: when we replaced each insider’s stocks with random companies bought on the same days, about 5.7 cleared the bar ahead and 23.3 behind. One record on its own proves little.

Trade by trade

MeasuredTrades countedAverage vs S&P 500MedianWent the right wayYearst-statisticp-valueEvidence
Purchases, 3 months after the report 0 — — — — — — Not enough years
Purchases, 6 months after the report 0 — — — — — — Not enough years
Purchases, 12 months after the report 0 — — — — — — Not enough years
Purchases, 12 months after the trade 0 — — — — — — Not enough years
Sales, 3 months after the report 14 −2.7% −1.0% 57% 10 −2.46 0.036 Some evidence: seller right
Sales, 12 months after the report 14 −4.9% −0.5% 50% 10 −1.59 0.15 No reliable evidence
Sales, 12 months after the trade 14 −5.1% −1.3% 50% 10 −1.56 0.15 No reliable evidence

“Average vs S&P 500” is the stock’s return including dividends minus the index’s over the same dates, from the close on the first trading day after the report, or from the close on the trade date. Only windows that have finished are counted. For sales, a negative figure means the stock lagged after it was sold, so selling was the right call (green). “Went the right way” is the share of purchases that beat the index, or of sales that trailed it. The t-statistic uses one average per year of reports, because one person’s trades bunch into the same stock and weeks, and needs trades in at least four different years; the p-value comes from the t distribution with that number of years (with four years, a t of 2 has p = 0.14). “Some evidence” means p under 5%, “strong evidence” p under 1% over at least six years.

Companies traded

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
Pfizer PFE Executive Vice President014May 31, 2011May 13, 2022

Trades and what followed

Moves are against the S&P 500; green means the trade went the insider’s way.

ReportedTradedCompanyTradeValue3 months after report12 months after report12 months after trade
May 13, 2022May 12, 2022 PFE Sale $1,891,069 −8.7%−30.3%−30.6%
November 30, 2021November 26, 2021 PFE Sale $2,174,786 −8.9%+4.7%+7.2%
May 1, 2020April 29, 2020 PFE Sale $2,460,372 −12.5%−32.3%−34.4%
February 1, 2019January 30, 2019 PFE Sale $1,811,821 −10.0%−31.0%−31.4%
March 14, 2018March 13, 2018 PFE Sale $1,844,398 −1.9%+13.2%+12.5%
March 3, 2017March 2, 2017 PFE Sale $693,200 −8.0%−8.6%−7.0%
May 5, 2016May 4, 2016 PFE Sale $1,000,558 +0.8%−15.5%−14.9%
September 18, 2013September 16, 2013 PFE Sale $1,748,024 +1.8%−10.0%−11.8%
March 14, 2013March 13, 2013 PFE Sale $420,000 0.0%−5.6%−6.5%
November 21, 2012November 21, 2012 PFE Sale $290,632 +4.3%+4.6%+3.8%
May 11, 2012May 11, 2012 PFE Sale $450,050 +0.5%+8.1%+10.0%
August 30, 2011August 29, 2011 PFE Sale $170,100 +4.0%+13.3%+12.4%
August 24, 2011August 23, 2011 PFE Sale $54,000 +3.0%+14.8%+10.8%
May 31, 2011May 27, 2011 PFE Sale $157,607 −2.0%+6.5%+8.2%

Open-market purchases and sales of at least $10,000 in companies we cover, from SEC Form 4 filings; sales made under a pre-set Rule 10b5-1 plan are not shown. “Not yet” means the window has not finished or the share price was under $5 at entry. These are the shares’ moves after each trade: they say nothing about why Lankler Douglas M traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.