Pfizer CEO Albert Bourla sold 62 percent of his stock in the company on the same day the pharmaceutical giant announced that results of its Covid-19 vaccine trial showed that it was 90 percent effective.
According to a report in Business Insider, Bourla sold $5.6 million in stock on Monday as part of a predetermined trading plan adopted on August 19.
The CEO sold 132,508 shares in the company at an average price of $41.94 a share, or $5.6 million in total, according to filings registered with the Securities and Exchange Commission. The 52-week-high for Pfizer stock is $41.99, which means Bourla cashed out his shares close to their highest price this year.
Earlier this week, Pfizer and BioNTech had announced that a vaccine jointly developed by them was 90 percent effective in preventing Covid-19 infections in ongoing Phase 3 trials. Protection in patients was achieved seven days after the second of two doses, and 28 days after the first, according to preliminary findings.
"The first set of results from our Phase 3 Covid-19 vaccine trial provides the initial evidence of our vaccine's ability to prevent COVID-19," Bourla had said in a statement.
"We are a significant step closer to providing people around the world with a much-needed breakthrough to help bring an end to this global health crisis. We are reaching this critical milestone in our vaccine development program at a time when the world needs it most," the CEO had said.
Meanwhile, futures tracking the S&P 500 hit a record high on Monday after Pfizer's announcement. At 06:47 am ET, US S&P 500 E-minis were up 2.44%, hitting an all-time high of 3,586.25 points. Dow E-minis were up 688 points, or 2.44% and Nasdaq 100 E-minis were up 256.25 points, or 2.12%. The vaccine announcement sent Pfizer's shares soaring almost 15% on Monday.
His stock sale was carried out through a routine Rule 10b5-1, a predetermined trading plan that allows company staff members to sell their stock in line with insider-trading laws.