Albert Bourla, the chief executive of Pfizer, honored his company’s breakthrough in the coronavirus vaccine.
Records show that the executive sold $5.5 million worth of Pfizer stock on Monday.
The breakthrough development caused Pfizer’s share price to soar to $41.99 that day, the highest level in more than a year. According to Tuesday’s securities filing, Bourla sold more than 132,000 shares at a price of $41.94 per share, only 5 cents below that peak.
According to the document, these stocks accounted for more than 60% of Pola’s Pfizer stock. He still directly owns 78,273 shares and indirectly owns 3,539 shares.
The document stated that the sale was pre-arranged under the so-called Rule 10b5-1 trading plan, which allowed company executives to conduct scheduled stock transactions under the internal trading law. According to the document, Bourla passed the transaction plan in August this year.
Records show that Bourla is not the only company with a good trading timing for Pfizer on Monday. He received more than $15 million in direct compensation from Pfizer last year.
Another securities document shows that Sally Susman, executive vice president and chief corporate affairs officer of the Manhattan-based company, sold more than 43,000 shares for a total of approximately $1.8 million. The document stated that the transaction was carried out in accordance with the 10b5-1 rule plan passed by Sussman in November 2019.
Pfizer did not immediately respond to the email on Wednesday morning to seek more details about the transaction.
The blockbuster announcement made by Pfizer Pharmaceuticals on Monday stimulated the rise of the entire stock market because the vaccine is expected to help the global economy recover from the deadly coronavirus pandemic. The Dow Jones Industrial Average surged 834 points, setting its best closing price since June, while Pfizer’s stock closed up about 7.7% to $39.20.
As of 7:58 on Wednesday morning, the company’s stock price rose 0.7% in premarket trading to $38.95, after the stock fell about 1.3% on Tuesday.