Lagarde Michel, Executive Vice President & COO, has demonstrated a clear selling bias in recent transactions involving Thermo Fisher Scientific (TMO), according to SEC Form 4 filings. Over 34 reported trades across two companies, Michel has sold $66.7 million worth of shares compared to $19.1 million in buys, with all recent activity concentrated on disposals. The most significant sales occurred in late 2025, including a $17.2 million transaction on December 3 and a $17.5 million sale the prior day, followed by a $12.4 million disposition on December 4. Smaller but consistent sales continued into early 2026, with four transactions on February 28 totaling approximately $1.2 million. The filings show Michel has not made any open-market purchases since at least November 2025, with the most recent buy activity appearing to be restricted stock awards (coded "A") with zero reported value in February 2025 and 2026.
The transaction pattern reveals Michel has been systematically reducing their TMO position through both open-market sales and dispositions triggered by equity award transactions (coded "M"). While smaller periodic sales occurred throughout 2025—including multiple six-figure transactions in August—the most concentrated divestment activity happened during a three-day window in December 2025, when Michel sold over $48 million worth of shares. The absence of recent purchases and continuation of sales into 2026 suggests an ongoing effort to liquidate holdings, though the filings do not indicate whether these transactions represent full divestment or partial position adjustments. All sales were executed as planned transactions under Rule 10b5-1 (coded "F") or as mandatory tax withholdings (coded "M").
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