Menu

Blog

May 23, 2020

Moderna execs dumped nearly $30 million of stock after news of promising coronavirus vaccine

Posted by in categories: biotech/medical, business, finance

Moderna’s stock price skyrocketed as much as 30% on Monday after the biotech company announced promising early results for its coronavirus vaccine. As ordinary investors piled in, two insiders were quietly heading for the exits.

Moderna’s chief financial officer and chief medical officer executed options and sold nearly $30 million of shares combined on Monday and Tuesday, SEC filings reviewed by CNN Business show.

The sales occurred after Moderna (MRNA) excited Wall Street before markets opened Monday by announcing encouraging vaccine trial results. Moderna’s market value swelled to $29 billion — even though the company has no marketed products.

Leave a reply