Regeneron executives sold more than $ 1 million in stock after the share price soared when Trump was thrilled with the antibody cocktail saying he “ felt good immediately ”
- Over the weekend, both the White House and Trump praised Regeneron’s experimental REGN-COV2 antibody cocktail
- After the video released, Regeneron’s shares increased by 3%
- When the markets opened on Monday, Regeneron stock prices jumped from $ 564 to over $ 600 per share
- Joseph Goldstein, who sits on the board of Regeneron, and SVP and Head of Commercial Marion McCourt have sold a total of 1
- Exercising their stock options allowed the pair to make a net profit of over $ 1 million – roughly $ 740,000 for Goldstein and $ 260,000 for McCourt.
According to recent Securities and Exchange Commission (SEC) documents, two Regeneron executives sold $ 1 million in stock just two after President Donald Trump announced he was taking their drug to help recover from COVID-19.
Over the weekend, both the White House and Trump praised Regeneron’s experimental antibody cocktail that was neither approved by the Food and Drug Administration nor passed testing.
“They gave me Regeneron,” Trump said in a video he posted about Twitter on October 3 about his treatment at the Walter Reed National Military Medical Center. ‘It was like, unbelievable. I immediately felt good. Three days ago I felt as good as now.
On October 3, President Trump took to Twitter to share a video where he was excited about Regeneron’s antibody cocktail.
After the video released, Regeneron’s shares increased by 3%
Trump was unable to pronounce the name of the treatment, REGN-COV2.
After the video posted, Regeneron’s shares were up 3%, NBC News reports.
When the markets opened on Monday, Regeneron stock prices jumped from $ 564 to over $ 600 per share.
Joseph Goldstein, who sits on Regeneron’s board of directors, and senior vice president and sales manager Marion McCourt have sold a total of 10,200 shares.
Exercising their stock options allowed the pair to make a net profit of over $ 1 million – roughly $ 740,000 for Goldstein and $ 260,000 for McCourt.
Shares in the company were regularly sold by Regeneron executives, but with the coronavirus rising in the United States, the business of selling inside information has increased.
Joseph Goldstein, who sits on Regeneron’s board of directors, and SVP and Head of Commercial Marion McCourt have sold a total of 10,200 shares
There has already been $ 100 million more in inventory sold than in 2019 and 2018 for a total of $ 248 million so far. This represents an increase of over 70%.
Trump’s three family trusts held investments in Regeneron and pharmaceutical giant Sanofi, a major shareholder of the company, reports The New York Times.
The president’s 2017 filing with the U.S. Government Ethics Office revealed that he had shares in the company but those didn’t appear in his 2020 filing.
A spokesperson for the company said stock sales made by executives were planned in advance through a mechanism designed to avoid allegations of insider trading.
A company spokesperson said executives’ stock sales were planned in advance through a mechanism designed to avoid insider trading allegations.
‘Those [Oct. 5] the transactions were conducted according to plan 10b5-1, ‘said Regeneron spokeswoman Alexandra Bowie. “These are pre-set at a time when the executive / director is unaware of any material non-public information about Regeneron and are automatically activated when the stock reaches a certain price.”
The sales raise potential ethical concerns for the Trump administration and drug company executives, according to Accountable Pharma, a part of the Accountable.US watchdog group. An investigation was initiated on the sales by the group.
“ This is the latest case in a clear pattern where President Trump ramps up stocks with his “ miracle cure ” hype and promises of taxpayer dollars as pharmaceutical company executives dump their stock and they ensure that they come out if their treatment works or not, ” spokesman Eli Zupnick said.
“There should definitely be an investigation to determine if there have been any irregularities regarding these stock sales, including any potential government action taken to enrich President Trump or his political advisers.”