Moderna’s CEO sold nearly $ 2 million worth of his stock ahead of the company’s emergency vaccine depot. It is now worth $ 3 billion.



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Modern CEO Stephane Bancel
Modern CEO, Stephane Bancel.

  • Moderna CEO Stephane Bancel sold nearly $ 2 million in stock ahead of the company’s emergency use authorization filing for its COVID-19 vaccine.
  • Bancel sold a total of 19,000 shares between Nov. 18 and Nov. 19 under a predetermined trading plan amended on May 21, according to a filing with the SEC.
  • Moderna is the second major pharmaceutical company to announce the success of an advanced COVID-19 vaccine trial. It plans to file for FDA approval by the end of November.
  • Executives in charge of companies working on COVID-19 treatments and vaccines have raised more than $ 1 billion by selling stocks, a Business Insider survey found.
  • Visit the Business Insider homepage for more stories.

Moderna chief executive Stéphane Bancel cashed in $ 1.74 million from his shares just as the company sought to secure emergency use authorization by the end of the month, according to documents filed with of the SEC.

Shares of the company climbed 10% last week after data showed its vaccine candidate to be 94.5% effective. It was trading up 2.5% on Monday. The recent rally in the stock took Bancel’s net worth to $ 3.1 billion, based on its 6% stake in the group, according to the Bloomberg Billionaires Index.

Bancel’s $ 1.74 million comes from the sale of 9,000 shares held directly at $ 93.87 and another sale of 10,000 shares held indirectly at $ 89.80, according to the filing. His sale of shares was effected through a routine 10b5-1 rule, a predetermined trading plan that allows company executives to sell shares at set times without facing misdemeanor charges. insider.

Although the exchange plan was adopted two years ago, it was amended on May 21 of this year. Moderna did not immediately respond to Business Insider’s request for comment.

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Moderna is the second major pharmaceutical company to announce the success of a late-stage trial of a COVID-19 vaccine, after its biggest rival Pfizer. Still positive vaccine trial results this year have made a fortune for a small group of scientists and Moderna executives.

Through the Safe Harbor 10b5-1 trading plan, Bancel and other insiders have unloaded their shares throughout the pandemic.

Executives in charge of biotech and pharmaceutical companies working on COVID-19 treatments and vaccines have raised more than $ 1 billion by selling stocks, according to a Business Insider survey.

Pfizer CEO Albert Bourla sold 60% of its shares earlier this month, the same day the company announced the high success rate of its vaccine.

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