Pfizer CEO cashed in 60% of his shares on the same day the company released the results of its COVID-19 vaccine trial

• Pfizer CEO Albert Bourla sold 62% of his shares in the company on the same day the drugmaker announced the results of its COVID-19 vaccine trial.
• Bourla sold $ 5.6 million in shares on Monday under a predetermined trading plan adopted on August 19.
• His stock sale was made at $ 41.94 per share. The 52-week high for Pfizer stock is $ 41.99, which means the CEO has cashed shares near their highest this year.
• Pfizer and its German partner BioNTech are the first to publish positive results from pivotal trials on the COVID-19 vaccine.
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Pfizer CEO Albert Bourla sold 62% of its shares on the same day the company announced that its experimental COVID-19 vaccine had passed clinical trials.

The announcement sent Pfizer shares up nearly 15% on the day.

Bourla sold 132,508 shares at an average price of $ 41.94 per share, or $ 5.6 million, according to documents filed with the Securities and Exchange Commission. The 52-week high for Pfizer’s stock is $ 41.99, meaning Bourla sold his stock near its highest value last year.

His sale of shares was carried out under a routine 10b5-1 rule, a predetermined trading plan that allows company personnel to sell their shares in accordance with insider trading laws. The sale of Bourla was part of a pre-established plan adopted on August 19, according to the filing. He still owns 81,812 Pfizer shares.

Pfizer did not immediately respond to Business Insider’s request for comment.

Read more: Biotech executives researching 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 cashed the most.

On Monday, Pfizer and its German partner BioNTech said their COVID-19 vaccine had been shown to be over 90% effective in preventing the disease, based on 94 observed cases. Pharmaceutical companies are the first to report positive results from pivotal COVID-19 vaccine trials.

Pfizer is already working on a bypass vaccine in powder form to address today’s biggest limitation: having to be stored at extremely low temperatures.

The vaccine, which involves two doses given three weeks apart, will not be distributed immediately, as it has yet to be evaluated and approved by the U.S. Food and Drug Administration.

Read more: We just received our first proof that a coronavirus vaccine works. Here’s everything we know about the vaccine race and when you might be able to get the vaccine.