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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 article goes on to state the following:
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.
The report notes that 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.”
Also, “Zaks exercised $1.5 million stock options before making a profit of $8.2 million when he immediately offloaded them for $9.77 million” on Tuesday.
moderna executives offloaded nearly 30 million stocks day unveiling coronavirus vaccine https://t.co/TggJkiuyKs
— Daily Mail Breaking (@DM_breakingnews) May 23, 2020
1) Moderna announces vaccine results. 2) Everyone says, whoa, that was early. 3) CEO says nah. 4) Turns out CEO and other executives had stock sales pre-planned for this week. Everyone says . . .https://t.co/NS4F4CuI3L
— Stephen Gandel (@stephengandel) May 23, 2020
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