Regeneron officials sell $1M in stock after Trump calls COVID-19 treatment drugs 'miracles'
Regeneron says the sales occurred as part of 'pre-established' plans
Securities and Exchange Commission filings show that two executives at Regeneron, a biotech company at the cutting edge of coronavirus treatment, netted about $1 million through sales of the company's stock after President Trump praised what he described as Regeneron's coronavirus "cure," although the company told NBC News the sales occurred as part of "pre-established" plans.
|REGN||REGENERON PHARMACEUTICALS INC.||750.12||+11.49||+1.56%|
SEC filings and Regeneron's website show that board member Joseph L. Goldstein and Marion McCourt, senior vice president and head of commercial, made approximately $740,000 and $260,000, respectively, after selling shares on Oct. 5.
REGENERON CEO SAYS PRESIDENT TRUMP'S ANTIBODY COCKTAIL TREATMENT IS 'CASE REPORT'
President Trump has praised the antibody treatments from Regeneron and Eli Lilly that he says helped him following his coronavirus diagnosis.
"If you look at the therapeutics, which I'm taking right now, some of them and others are coming out soon that are looking like, frankly, they're miracles, if you want to know the truth. They're miracles ... coming down from God," Trump said in an Oct. 3 video. "I'm starting to feel good."
A Regeneron spokesperson said that Goldstein's and McCourt's sales were pre-planned to avoid insider trading.
“The recent transactions were conducted pursuant to pre-established trading plans known as 10b5-1 plans,” the Regeneron spokesperson told Fox News. “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.”
"In addition, it is Regeneron's practice to require at least a 30 day ‘waiting period’ before a plan becomes effective," the spokesperson continued.
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Later in October, Trump specifically touted Regeneron's antibody cocktail as being a key aspect of his treatment, likening it to a "cure" rather than a therapeutic treatment.
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FOX Business' Lucas Manfredi contributed to this report.