On the day markets went into euphoria as US pharmaceutical giant Pfizer announced its Covid-19 vaccine was 90% effective, its chief executive had cashed in to sell 62% of his holding.
Albert Bourla sold 132,508 shares at $41.94 each, according to filings with the US Securities and Exchange Commission, netting a total of around $5.6 million.
Pfizer insisted the shares were sold under an automated system after they hit a certain price, in a plan that was set up in August.
Pfizer shares opened 15% higher on Monday after the announcement, rising to $41.94 and reaching a high of $41.99 during the day before closing at $39.20. They have fallen back somewhat since to $38.50 following the news of Bourla’s sale.
ASOS BOSS SELLS £13.6M STAKE
Meanwhile, another director offloading a sizeable chunk of his company’s shares was Nick Robertson, co-founder of online fashion retailer Asos (ASC:AIM).
Robertson sold 300,000 shares in three transactions between £43.75 and £47.23 each, worth a total of around £13.6 million.
He’s still one of the company’s largest shareholders with around 3.6 million shares, a stake worth £160 million.
Asos shares have gained significantly year-to-date as the company has been a big beneficiary of lockdowns and the shift to online shopping, with its pre-tax profit for the year to 31 August soaring a whopping 329% to £142.1 million.
But Robertson perhaps got his timing wrong with one of his transactions, having made his third sale on 9 November.
This was the day of the vaccine news, which sent Asos shares markedly lower as the market sold off growth stocks and lockdown winners, rotating into value stocks which had been hit hard by lockdowns but could recover strongly when there’s a vaccine.
OTHER DEALS
Mark Bartlett, CEO of kettle controls and safety device company Strix (KETL:AIM), has sold 700,000 shares at 236p each, for a total of around £1.7 million and reducing his holding by 17%.
Martin Andersson, executive chairman of gold mining company Chaarat Gold (CGH:AIM), has bought eight million shares at 24.25p each in a deal worth £1.94 million.
For a full list of the week's most significant trades, click here.
