Pfizer CEO Alberta Bourla sold about $5.6 million worth of stock on Monday, the same day the company announced its vaccine candidate has 90% efficacy, according to CNBC. Positive early data on experimental coronavirus vaccine by Pfizer sent the company shares up by almost 15% on Monday.
- Bourla sold 132,508 shares at an average price of $41.94 per share as part of a pre-scheduled 10b5-1 trading plan, which was adopted on August 19.
- Bourla still owns 81,812 shares directly or indirectly and the Monday sale accounts for 61.8% of the stock owned.
- Brian Skorney, Baird biotech analyst, has defended Bourla’s sale, saying it is a“highlight of how capitalism can work at its best” and deserve the profit since it is small compared to the benefits the vaccine brings.
- Bourla is not the first pharmaceutical executive to cash on their company’s stock surges during the pandemic, as Moderna sold more than $80 million this year when the stock rose more than 300% since January 1.
Pfizer Inc. stock is currently declining. PFE: NYSE is down 0.70%