Prior to Pfizer’s announcement of its 90% effective COVID-19 vaccine trial success earlier this week, company CEO Albert Bouria reportedly sold close to $5.6 million of his shares of the multinational pharmaceutical maker’s stocks. Share prices soared nearly 8% following the news on Monday that Pfizer, in conjunction with German based drug maker BioNTech, reported the positive vaccine results and is seeking emergency authorization for distribution.
Although it may appear irregular, reports indicate Bouria’s transactions were part of a routine plan that he created to schedule sales of his Pfizer shares periodically. A company spokesperson told CNN Business that the sale occurred as a result of stocks hitting a predetermined benchmark which was outlined as a sales authorization point determined by Bouria in late August.
When questioned if Bouria would reverse the share sales due to the perceived impression that he may be cashing in on his company’s anticipated good fortune, the spokesperson said his portfolio is managed by a third-party administrator who was directed to follow his original plans for share sales at predetermined intervals.
Ann Sullivan is a contributing staff writer covering national and world news topics. She brings dedicated experience having written international and domestic news, blogs, and web content for over 20 years. She’s also a published poet and graphic designer with degrees in Business and Graphic Communications and has been a music distributor, music industry sponsorship sales director and band manager.