Modern execs sell stock amid coronavirus vaccine news

Tim Balk

New York Daily News

May 22, 2020 11:57 PM

This is the Moderna, Inc., building in Cambridge, Mass. (AP Photo/Bill Sikes)

This is the Moderna, Inc., building in Cambridge, Mass. (AP Photo/Bill Sikes)(Bill Sikes/AP)

Top Moderna executives dumped almost $30 million in shares early this week as the company’s stock value climbed after positive results from its coronavirus vaccine trials, CNN reported.

The sales raised eyebrows, but the Massachusetts drug company said the transactions were executed in accordance with plans outlined in advance, according to CNN.

Moderna stock ended the week closer to where it started. Giddy investors flocked to the Massachusetts drug company after it said that participants in a study of its COVID-19 vaccine were developing antibodies.

Charles Whitehead, a professor at Cornell Law School whose focus includes business transactions, told CNN, “On its face, there is nothing wrong with these trades.”

Moderna CEO Stéphane Bancel also netted $1.2 million on Wednesday selling shares, according to CBS News.

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