Moderna unveiled encouraging coronavirus vaccine results. Then top execs dumped nearly $30 million o

[Eugene]

Source: CNN Business

Moderna unveiled encouraging coronavirus vaccine results. Then top execs dumped nearly $30 million of stock

By Matt Egan and Chris Isidore, CNN Business
Updated 2031 GMT (0431 HKT) May 22, 2020

New York (CNN Business) — 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.

After spiking to as high as $87 on Monday, Moderna's stock price has since retreated below $70 as medical experts have debated the importance of the early findings.

The securities transactions were done through automated insider trading plans, known as 10b5-1 plans, that lay out future stock trades at set prices or on set dates.

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Read more: https://edition.cnn.com/2020/05/22/investing/moderna-coronavirus-vaccine-stock-sales/index.html

[redstatebluegirl]

1. I said this a week or so ago beware of early corporate

results. They are hyping something very preliminary to get more money. The same with university labs. It was way to early in the process to be that excited.

[Grasswire2]

2. Isn't that criminal? nt

[Turbineguy]

3. They may have had options

and in order to buy the options they had to sell shares.