Vaccine Execs Rake In $1 Billion In Stock Sales As Positive Headlines Boost Shares
With the race to find a vaccine for COVID-19 in full effect, biotech executives and other insiders from at least 11 companies have made hand over fist - raking in over $1 billion in stock sales after announcing positive developments, according to the New York Times.
In some cases, company insiders are profiting from regularly scheduled compensation or automatic stock trades. But in other situations, senior officials appear to be pouncing on opportunities to cash out while their stock prices are sky high. And some companies have awarded stock options to executives shortly before market-moving announcements about their vaccine progress. -NYT