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On the day of the announcement of the success of the vaccine, the CEO of Pfizer sells half his shares.
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“About six billion in revenue”
The first encouraging data from a landmark study on a corona vaccine is sending stock exchanges up and down. Stefan Riße, capital market strategist at Acatis, assesses in the WELT interview how justified this euphoria is.
Pfizer CEO Albert Bourla sold $ 5.6 million worth of stock on the day the good news for the vaccine was released. He was able to drop it near the peak. All completely legal, says Pfizer.
reThe CEO of Pfizer has sold shares of the company valued at 5.6 million dollars. That sale took place on the same day that the drugmaker announced that its vaccine could protect more than 90 percent of people from Covid-19 disease.
The press release speaks of a “breakthrough” and a “milestone”, which caused the share price to skyrocket. Pfizer CEO Albert Bourla sold exactly 132,508 shares that day, representing 62 percent of his stake in Pfizer. The CEO managed to sell them for $ 41.94 a share, which was very close to the share high of $ 41.99 that day.
Albert Bourla, CEO of Pfizer, sold his shares at an advantageous time
Source: AP / Pablo Martinez Monsivais
Information about the sale comes from documents filed with the US Securities and Exchange Commission, which have already been reported by various media outlets, including “Business Insider” and “Guardian.”
Pfizer declares sale
Pfizer said the shares were sold through an automated system after they reached a certain price, according to a plan drawn up in August.
Pfizer shares opened at $ 41.94 on Monday morning after the announcement, up 15 percent from Friday’s close of $ 36.40. Since then, the stock has fallen back to $ 38.50.
The transaction received some angry comments on social media. Some considered the sale “unethical” and asked if it was allowed. Others took Bourla under protection and pointed out that a machine sold automatically when it reached a certain price.
With the so-called “Default Trading Plan“that Bourla used further Rule 10b5-1, insiders can legally sell a specified number of shares if they plan to do so well in advance.
Pfizer boss Albert Bourla had to defend himself against the accusations earlier. For example, the president of the United States, Donald Trump, complained about the timing of the announcement of the positive vaccine data. The news didn’t come until Joe Biden was confirmed as president. Trump assumed that the positive news should not have helped him in the election.
Bourla denied allegations that the timing has nothing to do with politics. He only received the data on Sunday afternoon, he told CNN. The Mainz company BioNTech and its partner Pfizer announced on Monday a success in the decisive study with its corona vaccine. Consequently, the vaccine offered more than 90 percent protection against Covid-19. BioNTech and Pfizer are the first companies worldwide to have submitted successful study data with a corona vaccine, which is crucial for approval.
