Increase in Moderna Inc's shares sold, days before vaccine filing
- Moderna CEO Stephane Bancel sold almost $2 million in shares
- The biotech company expects to file for FDA approval by the end of November.
- Morgan Stanley analysts led by Matthew Harrison expect Pfizer's shot to be authorized in mid-December and Moderna’s shot within a week of that.
Shares of the biotech company Moderna Inc skyrocketed as its Chief Executive Officer Stephane Bancel sold another $1.74 million shares last week. The company is expected to file its vaccine for emergency use with the Food and Drug Administration (FDA) next week, following Pfizer Inc. and BioNTech SE's submission for a vaccine to US regulators on Friday.
As reported by Bloomberg, stocks in Cambridge, Massachusetts based Moderna climbed as much as 4.3% to $101.77 on Monday. Bancel sold 9,000 directly owned shares and 10,000 indirectly owned shares at an average price of $91.73 starting on Nov. 18. Bancel and other recent billionaires gained over $400 million last Monday after encouraging trial news. The recent rally lifted Bancel’s net worth to $3.1 billion, according to the Bloomberg Billionaires Index.
Bancel and other Moderna executives have been steadily selling off their stakes throughout the pandemic, mostly through 10b5-1 trading plans which let insiders sell shares at set times and prices without facing insider trading accusations.