Noubar Afeyan sold $1.5 million worth of stock last week, for a total of $3 million in shares sold in October
Shares of Moderna Inc. extended their slide Monday toward a fourth straight loss, a streak whose start coincided with a sale of shares by company co-founder and chair Noubar Afeyan.
The selloff comes even after the company affirmed its guidance, provided in August, that 2023 COVID-vaccine sales would be in the range of $6 billion to $8 billion. That affirmation came in the wake of Pfizer Inc.’s PFE, +3.99% warning of a revenue shortfall due to its lowered outlook for COVID product sales.
Afeyan said in a Form 4 filing with the Securities and Exchange Commission that the sales were part of a Rule 10b5-1 trading plan that was adopted in February 2023. After the sale of shares on Oct. 11, Afeyan still owned 2.17 million shares, or about 0.6% of the shares outstanding.
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