Moderna CEO has sold $408 Million in Stock Throughout the Pandemic
20:16 GMT 18.03.2022 (Updated: 13:55 GMT 06.08.2022)
© AFP 2023 / JOSEPH PREZIOSOIn this file photo the Moderna logo is seen at the Moderna campus in Norwood, Massachusetts on on December 2, 2020, where the biotechnology company is mass producing its Covid-19 vaccine. - US biotech firm Moderna said on July 7, 2021 it had dosed its first participants in a human study of an mRNA vaccine that targets multiple strains of influenza. The company intends to recruit 180 adults in the United States for the Phase 1/2 portion of the trial to evaluate the safety and strength of immune response to the shot, called mRNA-1010.
![In this file photo the Moderna logo is seen at the Moderna campus in Norwood, Massachusetts on on December 2, 2020, where the biotechnology company is mass producing its Covid-19 vaccine. - US biotech firm Moderna said on July 7, 2021 it had dosed its first participants in a human study of an mRNA vaccine that targets multiple strains of influenza. The company intends to recruit 180 adults in the United States for the Phase 1/2 portion of the trial to evaluate the safety and strength of immune response to the shot, called mRNA-1010. In this file photo the Moderna logo is seen at the Moderna campus in Norwood, Massachusetts on on December 2, 2020, where the biotechnology company is mass producing its Covid-19 vaccine. - US biotech firm Moderna said on July 7, 2021 it had dosed its first participants in a human study of an mRNA vaccine that targets multiple strains of influenza. The company intends to recruit 180 adults in the United States for the Phase 1/2 portion of the trial to evaluate the safety and strength of immune response to the shot, called mRNA-1010. - Sputnik International, 1920, 18.03.2022](https://cdn1.img.sputnikglobe.com/img/07e5/07/07/1083330776_0:160:3077:1890_1920x0_80_0_0_7ad806677ff2c0052c46ab5dba640a38.jpg)
© AFP 2023 / JOSEPH PREZIOSO
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Moderna CEO Stephane Bancel has sold $408 million in stock over the course of the COVID19 pandemic. Moderna’s stock has soared 614% since receiving funding to develop its COVID19 vaccine.
Bancel has sold an average of 19,000 shares a week, averaging out to $3.6 million, according to CNBC. The shares have been sold from two troughs, 9,000 a week from Bancel’s personal holdings, with the other 10,000 coming from OCHA Limited Liability Corporation (LLC) a company based in Delaware that Bancel is the primary shareholder of and sole managing member.
The Moderna CEO also sold 752,000 shares, worth roughly $67 million, for his children’s trust fund as well as donating hundreds of thousands of shares to charity.
The shares were sold under 10b5-1, an SEC regulation that requires executives to sell their stocks through a broker and at regular intervals. The rule was designed to prevent insider trading but critics, such as Senators Elizabeth Warren, Chris Van Hollen and Sherrod Brown, have advocated for reform. The rule does not require executives to reveal details of the plan to the SEC.
Bancel has modified his 10b5-1 plan three times, once in December 2019, once in May 2020 and most recently in May 2021. Moderna stated that the last adjustment was made to increase Bancel’s charitable donations, according to CNBC.
Besides the windfall from his stock sales, Bancel was also given a $926 million ‘golden parachute’ by Moderna’s board of directors, according to FiercePharma. The massive package was awarded to Bancel for helping the company navigate the pandemic. During that time, Moderna’s revenues increased from $803 million in 2020 to $18.5 billion in 2021. Moderna expects to make $22 billion in 2022.
2021 was the first year Moderna made a profit since its formation in 2010. In a recent earnings call, they indicated that vaccine booster shot sales could grow to $2 billion in the US in 2022, according to The Post.