Pfizer CEO sells shares worth $5.6 million as company announces COVID-19 vaccine data
US-based Pfizer and its German partner BioNTech said the experimental COVID-19 vaccine was more than 90 percent effective in preventing COVID-19.
November 12, 2020 / 09:46 AM IST
(Image: Bryan Derballa/The New York Times)
Pfizer Chief Executive Officer (CEO) Albert Bourla sold stock worth nearly $5.6 million on November 9, the day the company released data on its experimental COVID-19 vaccine.
Bourla sold 132,508 shares at an average price of $41.94 per share, which is 61.8 percent of the shares owned directly and by the Pfizer CEO, CNBC reported citing securities filings.
US-based Pfizer and its German partner BioNTech said the vaccine was more than 90 percent effective in preventing COVID-19.
After the sale, Bourla owns more than 81,812 shares of Pfizer, directly or indirectly. A Pfizer spokesperson confirmed the transaction and said Bourla has a larger holding in the company through "qualified and nonqualified savings plans".
"After being with the company for more than 25 years, Albert owns a substantial amount of Pfizer stock under our qualified and nonqualified savings plans," a Pfizer spokesperson said, as quoted by CNBC.
The company's shares rose as much as 15 percent to trade at session high of $41.99 on Monday, before closing up 7.7 percent. They were trading at 38.75 on November 11.
Pfizer and BioNTech have said no serious safety concerns were found so far and expect to seek U.S. emergency use authorization this month, raising the chance of a regulatory decision as soon as December.(With inputs from Reuters)