Two executives at Regeneron sold $1million in stocks just two after President Donald Trump announced that he had been taking their drug to help recover from COVID-19, according to recent filings from the Securities and Exchange Commission (SEC).
Over the weekend, both the White House and Trump sang praise of Regeneron’s experimental antibody cocktail that has not been approved by the Food and Drug Administration nor has it passed trials.
‘They gave me Regeneron,’ Trump said in a video he posted to Twitter on October 3 about his treatment at Walter Reed National Military Medical Center. ‘It was like, unbelievable. I felt good immediately. I felt as good three days ago as I do now.’
On October 3, President Trump took to Twitter to share a video where he raved about the antibody cocktail from Regeneron
After the video posted, Regeneron stock jumped three per cent
Trump failed to say the name of the treatment, REGN-COV2.
After the video posted, Regeneron stock jumped three per cent, NBC News reports.
When markets opened on Monday, Regeneron stock prices went from $564 to over $600 a share.
Joseph Goldstein, who sits on the board of directors for Regeneron, and SVP and Head of Commercial Marion McCourt sold a total of 10,200 shares.
Exercising their stock options allowed the pair to make a net profit of over $1million – around $740,000 for Goldstein and $260,000 for McCourt.
Shares of the company have been sold on a regular basis b Regeneron executives, but as coronavirus surged in the U.S., insider sales activity jumped.
Joseph Goldstein, who sits on the board of directors for Regeneron, and SVP and Head of Commercial Marion McCourt sold a total of 10,200 shares
Already $100million more in stock has been sold compared to 2019 and 2018 for a total of $248million so far. That constitutes a more than 70 per cent increase.
Trump’s three family trusts held investments in Regeneron and pharmaceutical giant Sanofi, a major shareholder in the company, the New York Times reports.
The president’s 2017 filing with the U.S. Office of Government Ethics disclosed that he had shares in the company but those did not appear in his 2020 filing.
A spokesperson for the company said that the stock sales done by the executives were pre-planned through a mechanism that was designed to avoid accusations of insider trading.
A spokesperson for the company said that the stock sales done by the executives were pre-planned through a mechanism that was designed to avoid accusations of insider trading
‘Those [Oct. 5] transactions were conducted pursuant to 10b5-1 plans,’ Regeneron spokesperson Alexandra Bowie said. ‘These are pre-established at a time when the executive/director is not aware of any material, nonpublic information about Regeneron and automatically trigger when the stock hits a certain price.’
The sales do raise potential ethical concerns for the Trump administration and drug company execs, according to Accountable Pharma, a part of the watchdog group Accountable.US. An ‘investigation’ was called into the sales by the group.
‘This is the latest case in a clear pattern of President Trump pumping up stocks with his ‘miracle cure’ hype and pledges of taxpayer dollars while drug company executives dump their shares and guarantee they come out ahead whether their treatment works or not,’ spokesman Eli Zupnick said.
‘There should absolutely be an investigation to determine whether there were any improprieties regarding these stock sales, including any potential government action taken to enrich President Trump or his political advisers.’
This post was originally published on *this site*