Albert Bourla, Pfizer Inc’s Chief Executive Officer, sold a US $ 5.56 million stake, according to a legal filing that showed the sale took place on Monday, the same day the drugmaker reported positive data on its experimental COVID 19 vaccine.
REUTERS: Albert Bourla, Chief Executive Officer of Pfizer Inc, sold a US $ 5.56 million stake, according to a legal filing that showed the sale took place on Monday, the same day the drugmaker reported positive data on its experimental COVID-19 vaccine.
The company said on Wednesday that the sale was part of a pre-announced trading plan, passed by Bourla on August 19.
Bourla sold 132,508 shares at $ 41.94 per share, according to a Securities and Exchange Commission filing late Tuesday. (https://bit.ly/3eQ0RPV)
The sale of these shares is part of Dr. Bourla’s personal financial planning and a pre-established (10b5-1) plan, which, under SEC rules, allows major shareholders and insiders of listed companies to trade a predetermined number of shares on. a predetermined time, ”Pfizer said.
“Through our stock plan manager, Dr. Bourla has authorized the sale of these shares on August 19, 2020, provided the shares were at least at a specified price.”
Pfizer said on Monday that its experimental COVID-19 vaccine was more than 90 percent effective based on the initial test results, pushing its stocks higher along with broader markets.
Pfizer and German partner BioNTech SE have said no serious security concerns have been identified so far and expect to request US emergency clearance this month, raising the likelihood of a regulatory decision as early as December.
(Reported by Manojna Maddipatla in Bengaluru; adapted by Shinjini Ganguli)