Zero Hedge – 11/11/2020
On Monday, Pfizer shares soared 16% following a bullish statement on the company’s experimental COVID-19 vaccine showed 90% effectiveness in preliminary results. Then on Tuesday, according to a Securities and Exchange Commission filing, Pfizer CEO Albert Bourla sold 62% of his stock.
The SEC Form 4 filing showed Bourla sold 132,508 shares at an average price of $41.94 per share, equivalent to $5.6 million – nearly top-ticking the 52-week-high.
Bourla’s sale was conducted under Rule 10b5-1, established by the SEC, allowing the corporate insider to sell a predetermined number of shares at a predetermined time. A Pfizer spokesperson told Axios that the CEO’s predetermined trading plan was formed in August.
Despite the sale being perfectly legal under Rule 10b5-1 to avoid accusations of insider trading, the optics aren’t great for Bourla, who still managed to top-tick the 52-week-high on the sale on news day. One can…
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