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Nantkwest Executive Chairman Dr Patrick Soon-Shiong discusses Pfizer data and discusses the coronavirus vaccine testing process.
Pfizer CEO Albert Bourla sold $ 5.6 million of the company’s stock on Monday as shares climbed 15% on learning that an advanced stage trial found that the COVID-19 vaccine of the company was 90% efficient.
Bourla sold 132,508 Pfizer shares at a price of $ 41.94 each under a rule 10b5-1 trading plan adopted on August 19, a day after the company announced positive results of a phase 1 study.
Pfizer and its German partner BioNTech at the time said the experimental vaccine could be subject to regulatory review as early as October. Bourla said in an open letter dated October 16 that Pfizer could potentially apply for an emergency clearance during the third week of November.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| PFE | PFIZER INC. | 38.68 | -0.52 | -1.33% |
A rule 10b5-1 trading plan allows insiders, or those with material non-public information, to plan for share sales in advance, meaning that no laws have been broken. Bourla owns 81,812 Pfizer shares following the planned sale.
CORONAVIRUS LEAVING RETAILERS IN STRUGGLE TO PAY RENT
Bourla was not the only Pfizer executive to sell shares on Monday. Executive Vice President Sally Susman, through her own 10b5-1 trading plan, cashed in 43,662 shares at a price of $ 41.94 each, or $ 1.8 million. Susman still owns 108,804 shares.
Pfizer did not immediately respond to FOX Business’s request for comment.
Pfizer and BioNTech’s vaccine, which is set to be the first COVID-19 to receive regulatory approval, could be administered to most Americans by mid-2021. Companies could produce 50 million doses of ‘by the end of this year and as many as 1.3 billion doses next year.
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Despite positive news surrounding Pfizer’s quest for a COVID-19 vaccine, stocks fell 1.28% from this year to Monday, underperforming the S&P 500’s 9.74% gain.
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