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Pfizer CEO Albert Bourla took advantage of his company’s breakthrough in the coronavirus vaccine area.
The executive sold more than $ 5.5 million worth of Pfizer shares on Monday – the same day the drugmaker said its experimental injection of COVID-19 was over 90% effective, according to records.
This groundbreaking development pushed Pfizer’s stock price up to $ 41.99 that day, its highest level in over a year. Bourla dropped more than 132,000 shares for $ 41.94 each, just five cents off that high, according to a securities filing Tuesday.
Those shares represented more than 60% of Bourla’s Pfizer shares, according to the filing. He still owns 78,273 shares directly plus 3,539 others which are held indirectly.
The record indicates that the sale was arranged in advance as part of a so-called 10b5-1 rule trading scheme, which allows company executives to make predetermined stock trades in accordance with corporate laws. insider trading. Bourla adopted the business plan in August this year, according to the document.
Bourla – who received more than $ 15 million in total direct compensation from Pfizer last year, according to the records – was not the only Pfizer honcho to make a timely transaction on Monday.
Sally Susman, executive vice president and general manager of the Manhattan-based company, has surrendered more than 43,000 shares for approximately $ 1.8 million, according to another securities filing. The sale was also made under a 10b5-1 rule plan that Susman adopted in November 2019, the record says.
Pfizer did not immediately respond to an email Wednesday morning requesting more details of the transactions.
Pfizer’s hit announcement on Monday inspired a wider stock rally in hopes the vaccine would help the global economy recover from the deadly coronavirus pandemic. The Dow Jones industrial average climbed 834 points to post its best day since June, while Pfizer shares ended the day up about 7.7% to $ 39.20.
The company’s stock price climbed 0.7% to $ 38.95 in pre-market Wednesday at 7:58 am after losing around 1.3% on Tuesday.
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