A Regeneron executive and one of its directors sold $1 million worth of stocks two days after President Donald Trump announced he was taking their therapeutic, recent filings from the Securities and Exchange Commission reveal.

a sign on the side of a building: Regeneron Begins Human Trials Of Coronavirus Antibody Cocktail

© Michael Nagle
Regeneron Begins Human Trials Of Coronavirus Antibody Cocktail

Last Friday night, the White House announced that as part of Trump’s treatment for coronavirus, he had received Regeneron’s experimental antibody cocktail that has not passed formal trials or been approved by the Food and Drug Administration.

One day later, the president appeared in a video posted to his Twitter account about his treatment at Walter Reed National Military Medical Center.

“They gave me Regeneron,” he said, saying the company name instead of the treatment’s name, REGN-COV2. “It was like, unbelievable. I felt good immediately. I felt as good three days ago as I do now.”

At another point in the video he said that the therapeutics he was given were “miracles…we have things happening that look like they’re miracles coming down from God.”

“I think this was a blessing from God that I caught [the virus], I think it was a blessing in disguise,” Trump said in the video. “I caught it, I heard about this drug, I said, ‘Let me take it’ … and it was incredible the way it worked.”

“I call that a cure,” he said. “It’s a cure.”

After the video posted, Regeneron’s stock jumped over 3 percent in after-hours trading.

On Monday, when markets opened, Regeneron stock prices surged $33 to $598 a share. That day, Joseph Goldstein, who sits on the company’s board of directors, and SVP and Head of Commercial Marion McCourt exercised stock options that let them sell a total of 10,200 shares for a net profit of over $1 million. According to filings,

Shares of Regeneron  (REGN) – Get Report continue to bubble higher for the bulls. The stock was rising 2% on Thursday, but for the week it’s up 7.5%.

The boost is coming after President Trump took Regeneron’s Covid-19 cocktail in an effort to combat the coronavirus. His quick return to the White House and positive commentary on Regeneron isn’t hurting either.

Now the company is going for emergency approval from the Food and Drug Administration.

The stock has been on fire in 2020, although not so much over the last few months. When the rest of the market started to tank in late February, Regeneron shares began to rally.

Shares are still up about 60% on the year, despite pulling back 18.75% from peak to trough earlier this summer. 

Can the stock get back its mojo and continue higher from here? Let’s look at the charts.

Trading Regeneron Stock

Weekly chart of Regeneron stock.

Weekly chart of Regeneron stock.

Just look at how strong this stock has been, surging from the 2019 lows near $275 to highs north of $650 in 2020. The rally has been tremendous and it only makes sense that Regeneron stock eventually cooled off.

Remember, consolidation phases are healthy price action.

Over the last month, Regeneron hammered out a solid bottom near the $540 to $550 area. During that time, the 10-week moving average was acting as resistance.

With this week’s action though, the stock has reclaimed the 10-week moving average and so far the stock is holding it as support.

From here, bulls need to see shares maintain above the $575 area and the 10-week moving average. If it can do so, it increases the odds that Regeneron stock can take out this week’s high near $620 and make another run toward the $650