Company says Price got exclusive discount on medical stock

Victoria Sarno Jordan

Rep. Tom Price (R-Ga.) was part of an exclusive group that was able to buy stock in a biotech company at a discount, the company told The Wall Street Journal. 

Price, President Trump’s nominee for secretary of Health and Human Services, was among fewer than 20 people that received a 12 percent discount on shares of Innate Immunotherapeutics, the Journal reports

The company’s statement appears to contradict Price’s testimony to the Senate Finance Committee last week, when he said that the discounted shares “were available to every single individual that was an investor at the time.” 

Senate Democrats have raised questions about Price’s trading of medical stocks while a member of Congress, in particular the purchase of the biotech shares. Price has said he bought the stock after discussing it with Rep. Chris Collins (R-N.Y.), a member of the company’s board. Democrats say that could violate the STOCK Act, which prevents lawmakers from trading on congressional information.  

Senate Democrats have called for the ethics office and the Securities and Exchange Commission to investigate whether Price broke the law. 

Republicans, though, have dismissed questions about Price’s stock trading and appear to remain firmly behind his nomination. He is slated for a vote in the Finance Committee on Tuesday.

Still, it seems Price could be confirmed strictly on party lines. Senate Democratic Leader Charles Schumer (N.Y.) formally announced Monday that he would oppose Price, and not a single Democrat has publicly backed the nominee.

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