Moderna director Noubar Afeyan sells more than $2 million worth of company stock


modern Inc. (NASDAQ: ) director Noubar Afeyan has sold a majority of his stake in the company, according to a recent filing. The transactions took place on June 18, 2024 and involved the sale of more than $2 million worth of company stock.

The sale was priced at a different price, with the weighted average price of the shares ranging from $132.2245 to $136.92. The trade was executed in multiple tranches, with single shares selling for as low as $131.71 and as high as $136.92. In total, the directors disposed of shares valued at approximately $2,003,561.

Noubar Afeyan, who serves as a director of Moderna, has been closely associated with the company during its growth stages. The sale was made pursuant to a prearranged transaction plan known as “Rule 10b5-1,” which was adopted on February 27, 2023 and later amended on November 7, 2023. A person sells stock at a predetermined time to avoid any potential charges of trading on material non-public information.

The exact number of shares sold at each price point within the stated range was not disclosed in the filing. However, Afeyan undertakes to provide complete details to the issuer, any security holders of the issuer or the staff of the SEC upon request.

Following the completion of these transactions, Afeyan still holds a substantial direct and indirect stake in Moderna. The indirect holdings are through entities such as Flagship Ventures Fund IV, LP, Flagship Ventures Fund IV-Rx, LP and Flagship Pioneering, Inc., which note Afeyan's monetary interest, but he denies beneficial interest beyond that interest ownership.

Moderna, based in Cambridge, Mass., is best known for its role in developing mRNA-based vaccines and therapies. The company's stock performance and insider trading are closely watched by investors for insights into executive sentiment and potential future performance.

As of the date of the filing, Noubar Afeyan held 2,299,015 shares of Moderna stock directly following the sale, as well as indirectly through various funds and entities.

In other recent news, Moderna has made a series of advances. Argus raised Moderna's price target to $150 following the FDA's approval of its mRESVIA, an mRNA respiratory syncytial virus (RSV) vaccine for adults 60 years and older. The vaccine is the first mRNA vaccine approved for a disease other than COVID-19, marking a major milestone for Moderna. Meanwhile, TD Cowen maintained a Hold rating on Moderna stock with a consensus price target of $75.00 after discussing the recently approved RSV vaccine and the expected launch of mRESVIA.

Moderna also reported successful results from a Phase 3 trial of its mRNA-1283 vaccine, meeting the primary efficacy endpoint. The vaccine showed efficacy against COVID-19 compared to the company's previously authorized vaccine, Spikevax. On the other hand, Jefferies reiterated a buy rating on Moderna stock with a $180 price target following the release of Phase III data for Moderna's combined Covid-19 and flu vaccine.

Additionally, Moderna's investigational mRNA-1083 vaccine, designed to target influenza and COVID-19, met its primary endpoint in a Phase 3 trial. The vaccine elicited stronger immune responses in adults 50 and older than currently licensed flu and COVID-19 vaccines. These developments underscore Moderna's ongoing efforts to innovate in vaccines, with the successful progress of its vaccine pipeline closely watched by investors and healthcare professionals.

Investment Professional Insights

With Moderna, Inc. (NASDAQ: MRNA ) experiencing notable insider transactions, investors are paying close attention to the company's financial health and market performance. According to InvestingPro data, the company's market capitalization is US$51.24 billion, indicating that the company occupies an important position in the biotechnology field. Despite a challenging environment, with sales down significantly -65.78% in the trailing 12 months to Q1 2024, Moderna's stock has shown resilience, returning a whopping 28.16% over the past three months, and even more impressively in 2024 The return rate in the first quarter of the year was as high as 46.34%.

One of InvestingPro Tips highlights that Moderna holds more cash than debt, reflecting the company's balance sheet strength, which can provide a cushion against market downturns and investments for future growth. Additionally, while analysts expect sales to decline this year, the company has proven its ability to weather volatile market conditions and has seen significant price increases over the past six months.

The company has a price-to-earnings ratio of -8.55, which may raise questions about its earnings prospects. However, it's worth noting that Moderna has been actively repurchasing stock, according to another InvestingPro Tip, which could indicate management's confidence in the company's intrinsic value and future prospects.

Investors looking for comprehensive analysis and additional insights can find a total of 13 InvestingPro tips on Moderna, accessible through the InvestingPro platform. For those interested in learning more about Moderna's financial and market performance, use the coupon code PRONEWS24 Annual or biennial Pro and Pro+ subscriptions receive an additional 10% discount.

This article was generated with the support of artificial intelligence and reviewed by an editor. For more information, please see our terms and conditions.





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