Pfizer CEO Sold 62% of His Stock in Company the Day it Announced Covid-19 Vaccine Trial Result: Report
Image for representation. (Reuters)
The CEO sold 132,508 shares in the company at an average price of $41.94 a share, or $5.6 million in total, according to filings registered with the Securities and Exchange Commission. The 52-week-high for Pfizer stock is $41.99, which means Bourla cashed out his shares at close to their highest price this year.
- Last Updated: November 11, 2020, 19:34 IST
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Pfizer CEO Albert Bourla sold 62 percent of his stock in the company on the same day the pharmaceutical giant announced that results of its Covid-19 vaccine trial showed that it was 90 percent effective.
According to a report in Business Insider, Bourla sold $5.6 million in stock on Monday as part of a predetermined trading plan adopted on August 19.
The CEO sold 132,508 shares in the company at an average price of $41.94 a share, or $5.6 million in total, according to filings registered with the Securities and Exchange Commission. The 52-week-high for Pfizer stock is $41.99, which means Bourla cashed out his shares close to their highest price this year.
Earlier this week, Pfizer and BioNTech had announced that a vaccine jointly developed by them was 90 percent effective in preventing Covid-19 infections in ongoing Phase 3 trials. Protection in patients was achieved seven days after the second of two doses, and 28 days after the first, according to preliminary findings.
"We are a significant step closer to providing people around the world with a much-needed breakthrough to help bring an end to this global health crisis. We are reaching this critical milestone in our vaccine development program at a time when the world needs it most," the CEO had said.
Meanwhile, futures tracking the S&P 500 hit a record high on Monday after Pfizer's announcement. At 06:47 am ET, US S&P 500 E-minis were up 2.44%, hitting an all-time high of 3,586.25 points. Dow E-minis were up 688 points, or 2.44% and Nasdaq 100 E-minis were up 256.25 points, or 2.12%. The vaccine announcement sent Pfizer's shares soaring almost 15% on Monday.
His stock sale was carried out through a routine Rule 10b5-1, a predetermined trading plan that allows company staff members to sell their stock in line with insider-trading laws.