Pfizer CEO Albert Bourla sold 62 percent of his shares in the company on the same day that the pharmaceutical giant announced that the results of its COVID-19
The vaccine trial showed it to be 90 percent effective.
According to a report by Business Insider, Bourla sold $ 5.6 million worth of stock on Monday as part of a predetermined trading plan adopted on August 19.
The CEO 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 Bourla traded his shares near its highest price this year.
Earlier this week, Pfizer and BioNTech had announced that a jointly developed vaccine 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.
“The first set of results from our Phase 3 COVID-19 vaccine trial provides initial evidence of the ability of our vaccine to prevent COVID-19“Bourla had said in a statement.
“We are a significant step closer to giving people around the world a much-needed breakthrough to help end 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 following the S&P 500 hit a record Monday after Pfizer’s announcement. At 06:47 am ET, the US S&P 500 E-minis were up 2.44%, hitting an all-time high of 3,586.25 points. The Dow E-minis were up 688 points, or 2.44%, and the Nasdaq 100 E-minis were up 256.25 points, or 2.12%. The announcement of the vaccine sent Pfizer shares soaring nearly 15% on Monday.
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.
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