Shares of Moderna Inc. are experiencing a fourth consecutive loss as co-founder and chair Noubar Afeyan sells shares, signaling a potential concern for investors.
Stock Performance
The stock, MRNA, experienced a significant drop of 6.2% in afternoon trading, making it the biggest loser in the S&P 500 index for the day. This decline puts the stock on track for its lowest close since November 18, 2020.
Affirmation Amidst Concerns
Despite the recent selloff, Moderna has affirmed its guidance, which was provided in August. The company expects COVID-vaccine sales to range between $6 billion to $8 billion by 2023. This affirmation is notable, particularly after Pfizer’s warning of a revenue shortfall due to lowered expectations for COVID product sales.
Co-Founder’s Sales
The decline in Moderna’s stock coincides with the sale of shares by co-founder Noubar Afeyan. On October 11, Afeyan sold 15,000 shares at an average price of $103.296, raising $1.55 million. This was part of a trading plan adopted in February 2023. Despite the sales, Afeyan still owns approximately 0.6% of the outstanding shares, holding 2.17 million shares.
In total, Afeyan has sold 55,000 shares in September at an average price of $105.825, raising about $5.82 billion.
Year-to-Date Performance
Moderna’s stock has witnessed a significant decline of 48.7% since the beginning of the year. In comparison, Pfizer’s stock has dropped by 35.6%, while the S&P 500 has gained 14%.
Conclusion
As Moderna’s stock continues to slide and the co-founder sells shares, investors may be closely watching the company’s performance and future prospects. It remains to be seen how the market will respond to these developments.
