“Pfizer CEO Albert Bourla sold almost $5.6 million worth of stock the same day his company announced data on its experimental coronavirus vaccine that sent shares soaring.” [Source: cnbc.com]
Despite the enormous amount of media attention that has been devoted to news of this vaccine, the fact is that Pfizer didn’t release the necessary data that would allow scientists to properly examine its claimed results. Instead, it only published a press release. Cynics might therefore conclude that the main purpose of the announcement was to provide a boost to Pfizer’s share price. In this sense the promotion was a success, as the price jumped by almost 15 percent. Notably, therefore, in what is claimed to have been a pre-scheduled sale and thus exempt from ‘insider dealing’ laws, the proportion of stock sold by the company’s CEO is said to have been 62 percent of his entire holding.
But Pfizer’s CEO is hardly the first pharma or biotech boss to have benefitted from selling shares in a questionable manner during the pandemic. Executives at Moderna, which is similarly developing a Covid-19 vaccine, have sold shares valued at more than $89 million this year at a time when the firm’s stock price has risen dramatically. To avoid falling foul of insider dealing laws, they too are said to have used the same prescheduled sale approach as Pfizer’s CEO.
Based on the use of ‘messenger RNA’ (mRNA), Pfizer’s vaccine uses technology that is still in the experimental stage. Associated with serious side-effects, the long-term results of this approach are currently completely uncontrollable. To learn about the dangers of fighting the coronavirus pandemic with this new class of vaccines, visit the Dr. Rath Education website.