With Moderna expected to soon file its COVID-19 vaccine for emergency use in the United States, the biotech company decided to sell $1.74 million worth of new shares. The Cambridge, Massachusetts-based company will be the second firm to file for emergency use of its vaccine, the first being Pfizer and its Germany-based partner, BioNTech.
Moderna Chief Executive Officer Stéphane Bancel decided to sell 9,000 of his directly-owned shares, in addition to 10,000 indirectly-owned shares at an average price of $91.73. This resulted in a $400 million income for Bancel, whose net worth is now estimated to be around $3.1 billion.
Prior to this major offload, a handful of Moderna executives have been selling off their shares in the company since the start of the coronavirus pandemic. This was mainly through 10b5-1 trading plans, which enabled shareholders to sell their stocks at predetermined times and prices without the risk of facing allegations of insider trading.
Morgan Stanley analysts, led by managing director Matthew Harrison, have predicted that Pfizer’s COVID-19 vaccine will receive authorization for emergency use in mid-December. Moderna’s vaccine candidate is expected to be authorized a week later.
