Moderna executives offloaded nearly $30 million of stocks a day after unveiling coronavirus vaccine
Two executives at drug firm Moderna quietly sold nearly $30 million of stock when they unveiled a coronavirus vaccine and value surged, before the share price quickly fell again amid skepticism from the medical community.
Moderna's chief financial officer Lorence Kim and chief medical officer Tal Zaks dumped the staggering value of stocks on Monday and Tuesday when the share price skyrocketed following the company's announcement of what it described as 'positive' results from its vaccine trial.
The two executives pocketed almost $25 million in profits in a day's work before experts cast doubt on the vaccine's success and sent shares tumbling.
Kim exercised 241,000 options for $3 million Monday, then instantly sold them for $19.8 million, taking a tidy profit of $16.8 million, SEC filings seen by CNN Business show.
On Tuesday, Zaks exercised $1.5 million stock options before making a profit of $8.2 million when he immediately offloaded them for $9.77 million.
The biotech company released results from its COVID-19 vaccine trial Monday, after it became the first US company to start a clinical trial for a vaccine back in March.
This sparked hope that a vaccine for the deadly virus could make it to market by January and sent Wall Street investors into overdrive.
Stocks in Moderna surged as much as 30 percent Monday to $87 a share, and the company's market value climbed to $29 billion.
While investors raced to get a slice of the firm, the two insiders CFO ...
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