The head of Pfizer sold 62% of his stock in the company at the same time he announced the Covid-19 vaccine trial results.
Alberta Bourla sold $5.6 million in stock this week as part of a pre-agreed trade plan adopted on August 19. The Pfizer stocks cost $41.94 per share. The 52-week high point for the company stock is $41.99, which means the boss took his share money at its highest point of 2020.
Pfizer and its partner BioNTech (a German company) have made headlines by announcing the first positive results from a long-awaited Covid-19 jab trial.
Pfizer Vaccine Boosts Stocks
The drug company Pfizer’s shares jumped 14% after the announcement of their vaccine earlier today. https://t.co/9zvc46uYU3
— BullBear (@BullBearGame) November 9, 2020
Alberta Bourla sold 62% of his stock on the exact same day Pfizer announced its success in the Covid-19 vaccine trials.
The news boosted company shares at nearly 15% on that day.
The CEO managed to sell 132,508 shares going for $41.94 on average, or $5.6 million in total, as per Securities and Exchange Commission filings. Bourla sold his stock at its highest value in the past year.
His stocks went through a routine called Rule 10b5-1, a pre-agreed plan that permits company staff to sell their stocks according to insider trading laws. Bourla’s sale was part of a plan adopted in August. He is now left with 81,812 shares of the company.
— New York Post (@nypost) November 11, 2020
Last Monday Pfizer and BioNTech announced that their coronavirus vaccine was in fact 90% effective in blocking the illness, based on 94 test subjects.
The companies are the first to come out with positive clinical trials for a coronavirus vaccine.
Pfizer is currently working on a way to make the vaccine in powder form in order to combat its biggest minus: having to be stored at very low temperatures.
The jab, which involves two doses injected three weeks apart, will not be available for widespread use immediately, as it still needs the approval of the US Food and Drug Administration.
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