The trial data will be released when they apply for an Emergency Use Authorization. This is what will be reviewed by the FDA in their determination. Selling Pfizer at this positive news bump is simply a wise decision by the CEO and anyone else. As long as he sold after the news release and the news release proves true. If it proves out to be not true he will loose much more than he gained in selling stock. This vaccine and others coming along like it are very effective so their profitability will drop off considerably once COVID is gone and there is a lot of competitors on the market. Furthermore, the mRNA vaccine produced by Pfizer is costlier to produce than other types of vaccines that are slower to develop. Pfizer will be priced out of the market.