Bourla sold the stock as part of a stock-trading plan that aims to shield corporate executives from allegations of illegal insider trading.
Full Answer
How much of Pfizer’s stock did an executive sell on Monday?
The executive sold more than $5.5 million worth of Pfizer stock on Monday — the same day the drugmaker said its experimental COVID-19 shot was more than 90 percent effective, records show. The groundbreaking development sent Pfizer’s share price surging as high as $41.99 that day, its highest level in more than a year.
Why did Pfizer CEO Bourla sell millions of dollars of stock?
New York (CNN Business) Pfizer CEO Albert Bourla filed to sell millions of dollars of his company's stock Monday -- the day the pharmaceutical giant announced positive data about its coronavirus vaccine. The company's shares soared after Pfizer and European drug company BioNTech said early data suggests the vaccine could be more than 90% effective.
What happened to the Pfizer study?
NOVEMBER 9: Pfizer announces results of efficacy study, says they expanded perimeters of it after consulting the FDA but doesn't say when or why But that deadline came and went with no news. America went to the polls on November 3. Many told pollsters that the handling of the crisis was one of the most important issues on their minds.
What's happening with Pfizer and biontech stock?
Shares of Pfizer surged nearly 8% Monday and were flat Tuesday. BioNTech's ( BNTX) stock has rallied even more sharply, rising 15% Monday and another 8% Tuesday. Pfizer's stock fell more than 1% Wednesday.
Is selling a stake good?
Selling the bulk of your stake never looks good, but especially when public confidence in your company is a matter of life or death. Author of the article:
Can planned sales create question marks?
But it all shows that planned sales can create question marks as well as remove them.
How much did Pfizer sell in 2020?
Pfizer's CEO sold $5.6 million in stock the day he announced promising vaccine news. By Paul R. La Monica, CNN Business. Updated 12:15 PM ET, Wed November 11, 2020. New York (CNN Business) Pfizer CEO Albert Bourla filed to sell millions of dollars of his company's stock Monday -- the day the pharmaceutical giant announced positive data about its ...
How much did Bourla sell Pfizer?
Bourla sold 132,508 Pfizer ( PFE) shares at a price of $41.94, according to a filing with the Securities and Exchange Commission. That works out to proceeds of nearly $5.6 million.
Why do companies sell stock at predetermined intervals?
Many executives sell stock at predetermined intervals to diversify their portfolios. But they can delay the sales to avoid appearances of capitalizing on one-off events that can boost company's shares. Bouria told CNN's Sanjay Gupta that he learned of the trial's results Sunday, a day before they were made public.
Did the EU buy Pfizer?
EU agrees to buy 300 million doses of the Pfizer/BioNTech Covid-19 vaccine. The Pfizer stock sale comes just a few months after executives at Moderna ( MRNA), a biotech also working on a Covid-19 vaccine, sold shares following the release of promising trial results.
Is Pfizer more than 90% effective?
The company's shares soared after Pfizer and European drug company BioNTech said early data suggests the vaccine could be more than 90% effective. The transaction was part of a regularly scheduled plan set up by Bourla to periodically sell some of his Pfizer shares.
Why did Bourla sell Pfizer?
Bourla sold the stock as part of a stock-trading plan that aims to shield corporate executives from allegations of illegal insider trading.
When did Bourla implement his stock trading plan?
On Aug. 19, Bourla implemented his stock-trading plan, according to his disclosure to the Securities and Exchange Commission.
Did Pfizer control the timing of the study?
In addition, the press release contained information from an academic study of Pfizer's vaccine, the spokesperson said, and the company did not control the timing or the content of that study.
Did Pfizer believe the press release contained material nonpublic information?
A spokesperson for Pfizer told NPR that the company did not believe the company's Aug. 20 press release contained material nonpublic information and that a stock plan administrator had previously vetted the implementation of the CEO's 10b5-1 plan.
Why did Pfizer sell its shares?
A Pfizer spokeswoman said in an email to CNN Business that the sale took place because Pfizer shares hit a predetermined price as part of a plan authorized by Bourla on August 19.
Who is the CEO of Pfizer?
Pfizer CEO Albert Bourla filed to sell millions of dollars of his company's stock Monday -- the day the pharmaceutical giant announced positive data about its coronnavirus vaccine.
Where is Pfizer headquarters?
In this file photo from Jan. 31, 2011, people walk past the Pfizer logo at the drug company's world headquarters in New York. (AP/Mark Lennihan) Albert Bourla, DVM, Ph.D. Chief Executive Officer Pfizer, prepares to testify before the Senate Finance Committee hearing on drug prices, on Feb. 26, 2019.
Why do companies sell stock at predetermined intervals?
Many executives sell stock at predetermined intervals to diversify their portfolios. But they can delay the sales to avoid appearances of capitalizing on one-off events that can boost company's shares. Bouria told CNN's Sanjay Gupta that he learned of the trial's results Sunday, a day before they were made public.
How much did Pfizer sell?
By Reuters. Pfizer Chief Executive Officer Albert Bourla sold company shares worth $5.56 million, according to a regulatory filing that showed the sale was made on Monday, the same day the drugmaker reported positive data on its experimental Covid-19 vaccine.
How many shares did Albert Bourla sell?
CEO Albert Bourla sold 132,508 shares at $41.94 per share, according to a Securities and Exchange Commission filing. Albert Bourla, CEO of Pfizer pharmaceutical company, arrives to ring the closing bell at the New York Stock Exchange on Jan. 17, 2019.
PFIZER VACCINE TIMELINE
SEPTEMBER 13: Pfizer CEO Anthony Bourla says they will know if the vaccine is effective by the end of October
PFIZER'S VACCINE ANNOUNCEMENT: WHEN WILL A VACCINE BE AVAILABLE IN US?
Pfizer's announcement today is based on an interim analysis in the Phase 3 clinical trial that has been underway since July.
