Pfizer CEO sold 62% of stock on day of vaccine announcement

Pfizer explains that the sale went through due to system set up in August that sells shares once they hit a certain threshold.

Y Rabinovitz ,

Pfizer
Pfizer
iStock

On the very same day that Pfizer announced its preliminary results from Phase 3 trials of its coronavirus vaccine, Pfizer CEO Albert Bourla sold 62% of his shareholding in Pfizer, The Guardian reports.

Pfizer’s stock surged following the announcement that the vaccine under trial had so far shown a 90% efficacy rate, rising from Friday’s closing rate of $36.40 to $41.94 on Monday morning – a 15% increase.

Bourla sold 132,508 shares at $41.94 each, netting $5.6 million. The shares later peaked at $41.99 later that day, before dropping by the end of Monday to $39.20, and later on, to $38.40.

Following the report of Bourla’s gains, Pfizer announced that the sale had gone through due to an automated system that was set up in August, according to which the shares were automatically sold once they reached a certain value.

“The sale of these shares is part of Dr. Bourla’s personal financial planning, and a pre-established plan, which allows, under SEC rules, major shareholders and insiders of exchange-listed corporations to trade a predetermined number of shares at a predetermined time.”

Pfizer’s announcement of its vaccine’s extraordinarily high efficacy rate was followed just days later by a similar press briefing by the Russian program developing its Sputnik V vaccine. According to preliminary Phase 3 trial results, Sputnik V is 92% effective at preventing illness from coronavirus.



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