Pfizer's CEO Sold 62% of His Stock After the Positive Vaccine News Broke
Pfizer CEO Albert Bourla sold 62 percent of his stock in the company not long after releasing positive vaccine data, according to MarketsInsider.
Markets surged after Pfizer and BioNTech announced that their COVID-19 vaccine had performed extremely well in clinical trials. Their clinical study showed the vaccine to be more than 90 percent effective in preventing COVID-19. The vaccine still needs to receive emergency approval authorization from the US Food and Drug Administration. Pfizer shares surged almost 15 percent that day following the news.
According to filings with the Securities and Exchange Commission, Bourla sold 132,508 shares in the company at an average price of $41.94 a share, totaling $5.6 million. The 52 week high for Pfizer stock is $41.99. Conveniently, the sale was authorized by his routine Rule 10b5-1 trading plan. This plan allows company staff members to sell their stock without infringing upon insider trading laws.
Bourla still holds 81,812 shares in Pfizer.