Pfizer chief sold $ 5.6 million in stock the day the company announced the vaccine

New York, United States (CNN) – Pfizer CEO Albert Burla applied to sell millions of dollars of his company’s shares on Monday, the day the pharmaceutical giant announced positive efficacy data of the Corona virus vaccine.

Shares of the company rose after Pfizer and European pharmaceutical company BioNTech said preliminary data indicated the vaccine could be 90% effective.

The transaction was part of a regular plan by Burla to periodically sell some of its shares in Pfizer. Burla sold 132,508 shares of Pfizer at $ 41.94 per share, according to a filing with the Securities and Exchange Commission, for a total of approximately $ 5.6 million.

A Pfizer spokeswoman said in an email to CNN that the sale took place because Pfizer shares hit a pre-set price under a plan approved by Burla on August 19.

When asked if Pfizer and Burla are considering canceling the stock sale due to the perception that Burla could benefit from the good news, the spokesperson said: “These are pre-defined plans that are being managed by an outside shareholder. “

Another Pfizer official, Executive Vice President Sally Sussman, sold her shares on Monday as part of a pre-prepared plan. Susman sold 43,662 shares for the same price of $ 41.94 that Burla sold, in a deal valued at more than $ 1.8 million.

Many executives sell stocks at predefined intervals to diversify their portfolios. However, they can delay sales to avoid appearing to benefit from one-off events that could increase the company’s stock.

Burla told CNN reporter Sanjay Gupta he learned of the trial outcome on Sunday, the day before his announcement.

Pfizer shares rose nearly 8% on Monday and held steady on Tuesday. BioNTech stock also rose more sharply, rising 15% on Monday and a further 8% on Tuesday. Shares of Pfizer Inc. fell more than 1% on Wednesday.