Pfizer’s CEO withdrew 60% of its shares on the same day the company released the results of its COVID-19 vaccine test.

• Pfizer CEO Albert bourla sold 62% of its shares in the company on the same day that the pharmaceutical company announced the results of its Vaccine for COVID-19 judgment.
• Bourla sold $ 5.6 million in shares on Monday as part of a predetermined trading plan adopted on August 19.
• its sale of shares it was held at $ 41.94 a share. The 52-week high for Pfizer shares is $ 41.99, which means that the CEO has withdrawn his shares at a price close to its highest price this year.
• Pfizer and its German partner BioNTech became the first to publish positive results in the last stage on Monday. COVID-19 vaccine trials.

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 of the vaccine sent Pfizer shares soaring nearly 15% on the day.

Bourla sold 132,508 shares of the company at an average price of $ 41.94 per share, or $ 5.6 million in total, 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. His sale of shares was carried out through a routine Rule 10b5-1, a predetermined trading plan that allows members of the company’s staff to sell their shares in accordance with insider trading laws. Bourla’s sale was part of a plan adopted 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.

Read more: Biotech executives seeking COVID-19 vaccines and treatments have raised more than $ 1 billion by selling shares of the company this year. Here are the 27 leaders who have earned the most.

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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 cases observed in a trial with thousands of participants. Pharmaceutical companies are the first to report positive results from late-stage 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.

Read more: We have just received our first evidence that a coronavirus vaccine works. Here’s everything we know about the race for a vaccine and when you might get it.