Moderna Inc. shares slid 3.5% on Friday as unease mounted about the biotech’s Covid-19 vaccine trial fueled by ongoing insider shares sales and an enrollment slowdown.
With late-stage trial results weeks away, the stock has shed more than a third of its value from record highs in mid-July. Still, shares have more than tripled since the beginning of the year, prompting several insiders to cash out.
Chief Executive Officer Stephane Bancel, who found himself a newly mintedbillionaire as a result of the pandemic, disposed of an additional18,000 shares this week, including some tied to entities controlled by him.
The sales are just the latest in astring of transactions that started in February as insiders have taken advantage 10b5-1 trading plans that allow sales at predetermined times or prices. While the trading plans are legal, they have faced criticism over letting executives skirt insider trading laws. New criticism of the sales cropped up inan NPR report Friday, which said key players at the Cambridge, Massachusetts-based company have sold about $90 million in stock since June and drew attention to changes to Chief Medical Officer Tal Zaks’s trading plan in January.
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