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.||600.88||-1.19||-0.20%|
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.
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 told NBC News that Goldstein’s and McCourt’s sales were pre-planned to avoid insider trading, although the “plans themselves are not public.”
“Those [Oct. 5] transactions were conducted pursuant to 10b5-1 plans,” the Regeneron spokesperson told NBC 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.”
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.
FOX Business’ inquiry to Regeneron was not immediately returned.
FOX Business’ Lucas Manfredi contributed to this report.