#AceNewsReport – Nov.11: 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:
Pfizer’s CEO Dumps 62% Of His Stock On COVID Vaccine Announcement According to ZeroHedge.Com/
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 argue that he couldn’t have known the results of the vaccine trial months ahead of time: And while all this is coming out just days after a critical US election, though it’s not clear if that was a trigger:
Other pharmaceutical companies such as Moderna, also producing a COVID-19 vaccine, experienced similar insider selling over the summer around vaccine news – where insiders dumped tens of millions of dollars of stock.
Under the cover of Rule 10b5-1, corporate insiders at some pharmaceutical companies are already running for the exits by dumping their stock, of course, it’s easier to commit to pre-plan sales of stock when you know you can pump the price by simply publishing a press release:
#AceHealthDesk report …………..Published: Nov.11: 2020:
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