- Moderna CEO Stephane Bancel sold almost $2 million in shares ahead of the company's emergency use authorization filing for its COVID-19 vaccine.
- Bancel sold a total of 19,000 shares between November 18-19 as part of a predetermined trading plan amended May 21, according to a filing with the SEC.
- Moderna is the second major drug company to announce success in a late-stage COVID-19 vaccine trial. It expects to file for FDA approval by the end of November.
- Execs in charge of companies working on COVID-19 treatments and vaccines have raked in more than $1 billion by selling stock, a Business Insider investigation found.
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Moderna's chief executive Stephane Bancel cashed out $1.74 million worth of his shares just as the company prepares to file for emergency use authorization for its coronavirus vaccine, according to filings registered with the SEC.
The company's stock soared 10% last week after data showed its vaccine candidate is 94.5% effective. It was trading up 2.5% on Monday. The stock's recent rally has lifted Bancel's net worth to $3.1 billion, based on his 6% stake in the group, according to the Bloomberg Billionaires Index.
Bancel's $1.74 million comes from the sale of 9,000 directly-owned shares at $93.87 and a further sale of 10,000 indirectly-owned shares at $89.80, the filing showed. His stock sale was carried out through a routine Rule 10b5-1, a predetermined trading plan that allows company executives to sell shares at set times without facing insider trading accusations.
Although the trading plan was adopted two years ago, it was amended on May 21 this year. Moderna did not immediately respond to Business Insider's request for comment.
Moderna is the second major pharmaceutical company to announce success in a late-stage trial of a COVID-19 vaccine, after larger rival Pfizer. Consistently positive vaccine trials results this year minted fortunes for a small group of scientists and Moderna executives.
Through the safe harbor 10b5-1 trading plan, Bancel and other insiders have been offloading their shares throughout the pandemic.
According to a Business Insider investigation, executives in charge of biotech and pharma firms working on COVID-19 treatments and vaccines have raked in more than $1 billion by selling stock.
Pfizer's CEO Albert Bourla sold 60% of his stock earlier this month, on the same day the company announced the high success rate of its vaccine.