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Two Pfizer Inc. executives sold millions of dollars in the company’s stock on Monday, a day when the pharmaceutical company announced positive news about a promising COVID-19 vaccine that sent the shares sharply higher.
CEO Albert Bourla sold 132,508 shares in the pharmaceutical company he manages, for an average sale price of $ 41.94 each. This would have earned him nearly US $ 6 million.
Monday was the day the company announced promising results on its potential COVID-19 vaccine, news that sent shares up 15%. The selling price of $ 41.94 is within five cents of the company’s 52-week high of $ 41.99, also set Monday.
According to a regulatory filing, the sale of the shares was planned well in advance as part of a plan that allows the company’s insiders to sell shares without incurring insider trading rules. According to the filing, the sales plan had been underway since August 19.
Bourla still owns 81,812 shares of the company, a stake valued at approximately $ 3.5 million. But the sale on Monday means it has sold nearly two-thirds of its original holdings.
He wasn’t even the only Pfizer executive to sell. Sally Susman, who is executive vice president, chief corporate affairs officer and director of the company’s board of directors, sold 43,662 shares, also for $ 41.94 each, according to data compiled by Bloomberg.
This earned her more than 1.8 million US dollars. Susman still owns 108,804 shares in the company, a stake worth approximately US $ 4 million at current prices.
Susman’s sale was also planned well in advance in accordance with the rules, and was scheduled for Monday nearly a year ago.
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