The news is out: [Pfizer CEO Albert Bourla sold 62% of his stock on the same day the company announced its experimental COVID-19 vaccine succeeded in clinical trials.
The announcement sent Pfizer’s shares soaring almost 15% on the day.
Bourla sold 132,508 shares at an average price of $41.94 per share, or $5.6 million, according to filings registered with the Securities and Exchange Commission. The 52-week-high for Pfizer’s stock is $41.99, meaning Bourla sold his stock at almost its highest value in the past year.
His stock sale was carried out through a routine Rule 10b5-1, a predetermined trading plan that allows company staff to sell their stocks in line with insider trading laws. Bourla’s sale was part of a pre-set plan adopted on August 19, the filing showed. He continues to own 81,812 Pfizer shares.]
The law is selective for many lucky few.