Moderna Executives Cashed Out $89M in Shares as Stock Soared on Vaccine Hopes
May 27th, 2020Via: Stat News:
The top five executives at the biotech company Moderna have sold more than $89 million of stock so far this year — initiating nearly three times as many stock transactions than in all of 2019 — as the company’s share price has soared on hopes for its Covid-19 vaccine.
The trades, which led to about $80 million in profits, were prescheduled through a legal program that allows company insiders to buy and sell shares at a later date.
But the volume and timing might prove alarming to Moderna’s shareholders, especially in light of the company’s May decision to raise more than $1 billion in a stock offering. If Moderna’s early-stage vaccine can one day prevent coronavirus infection and the company’s best days lay ahead, why are insiders selling?
