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- Pfizer CEO Albert Bourla sold 62% of his shares in the company on the same day the drugmaker announced the results of its Covid-19 vaccine trial.
- Bourla sold $ 5.6 million worth of stock on Monday as part of a predetermined trading plan adopted on August 19.
- His share sale took place at $ 41.94 a share. The 52-week high for Pfizer shares is $ 41.99, which means that the CEO has withdrawn his shares near its highest level this year.
- Pfizer and its German partner BioNTech are the first to publish positive results from the pivotal trials of the Covid-19 vaccine.
- Visit the Business Insider home page for more stories.
Pfizer CEO Albert Bourla sold 62% of his shares on the same day the company announced that its experimental Covid-19 vaccine was successful in clinical trials.
The announcement sent Pfizer shares soaring nearly 15% on the day.
Bourla sold 132,508 shares at an average price of $ 41.94 per share, or $ 5.6 million, according to documents filed with the Securities and Exchange Commission. The 52-week high for Pfizer shares is $ 41.99, which means that Bourla sold his shares at nearly their highest value in the last year.
Their sale of shares was carried out through a Routine Rule 10b5-1, a predetermined trading plan that allows company personnel to sell their shares in accordance with insider trading laws. The Bourla sale was part of a pre-arranged plan adopted on Aug. 19, the presentation showed. He continues to own 81,812 shares of Pfizer.
Pfizer did not immediately respond to Business Insider’s request for comment.
On Monday, Pfizer and its German partner BioNTech said their Covid-19 vaccine was found to be more than 90% effective in preventing disease, based on 94 observed cases. Pharmaceutical companies are the first to report positive results from pivotal Covid-19 vaccine trials.
Pfizer is already working on an alternative vaccine solution in powder form to address today’s biggest limitation: having to be stored at extremely low temperatures.
The vaccine, which involves two doses administered three weeks apart, will not be distributed immediately, as it has yet to be evaluated and approved by the US Food and Drug Administration.
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