Moderna’s chief executive Stephane Bancel cashed out $1.74 million worth of his shares just as the company has sought to secure emergency use authorization by the end of this month, according to filings registered with the SEC.
The company’s stock soared 10% last week after data showed its vaccine candidate is 94.5% effective. It was trading up 2.5% on Monday. The stock’s recent rally has lifted Bancel’s net worth to $3.1 billion, based on his 6% stake in the group, according to the Bloomberg Billionaires Index.
Bancel’s $1.74 million comes from the sale of 9,000 directly-owned shares at $93.87 and a further sale of 10,000 indirectly-owned shares at $89.80, the filing showed. His stock sale was carried out through a routine Rule 10b5-1, a predetermined trading plan that allows company executives to sell shares at set times without facing insider trading accusations.
Although the trading plan was adopted two years ago, it was amended on May 21 this year. Moderna did not immediately respond to Business Insider’s request for comment.
Moderna is the second major pharmaceutical company to announce success in a late-stage trial of a COVID-19 vaccine, after larger rival Pfizer. Consistently positive vaccine trials results this year minted fortunes for a small group of scientists and Moderna executives.