Pfizer's CEO cashed out 60% of his stock on the same day the company unveiled the results of its COVID-19 vaccine trial
PfizerCEO Albert Bourlasold 62% of his stock in the company on the same day the drugmaker announced the results of its COVID-19 vaccinetrial.
- Bourla sold $5.6 million in stock on Monday as part of a predetermined trading plan adopted August 19.
stock salewas carried out at $41.94 a share. The 52-week-high for Pfizer stock is $41.99, which means the CEO cashed out his shares at close to their highest price this year.
- Pfizer and its German partner BioNTech on Monday became the first to post positive results from late-stage
Pfizer CEO Albert Bourla sold 62% of his stock on the same day the company announced its experimental COVID-19 vaccine succeeded in clinical trials.The vaccine announcement sent Pfizer's shares soaring almost 15% on the day.
Pfizer confirmed that Bourla's
Read more: A Wall Street bank breaks down why Pfizer and BioNTech's vaccine-efficacy news means a faster return to normal — and shares the 16 stocks set to bounce back rapidly as soon as COVID-19 fears recedeOn Monday, Pfizer and its German partner BioNTech said their COVID-19 vaccine was found to be over 90% effective in preventing illness, based on 94 observed cases in a trial with thousands of participants. The pharma firms are the first to report positive results from late-stage COVID-19 vaccine trials. Pfizer is already working on a workaround powder-form vaccine to address the current one's biggest limitation: having to be stored at extremely low temperatures.
The vaccine, which involves two doses administered three weeks apart, won't be distributed immediately, as it still needs to be evaluated and approved by the US Food and Drug Administration.