Form 4: Moderna Director Noubar Afeyan Sells Shares Under 10b5-1 Trading Plan

Noubar Afeyan, a director at Moderna, sold shares of the company's common stock on April 17, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• On April 17, 2024, Noubar Afeyan, a director of Moderna, sold shares of the company's common stock.
• The sales were executed under a Rule 10b5-1 trading plan adopted on February 27, 2023, and amended on November 7, 2023.
• A total of 14,990 shares were sold in multiple transactions at weighted average prices ranging from $103.0983 to $104.4896.
• Following the reported transactions, Afeyan directly owns 2,056,931 shares of Moderna common stock.
• Afeyan also indirectly owns 9,662,114 shares through Flagship Ventures Fund IV, L.P. and Flagship Ventures Fund IV-Rx, L.P., and 3,924 shares through Flagship Pioneering, Inc.
• Afeyan disclaims beneficial ownership of the indirectly held shares except to the extent of his pecuniary interest therein.

Sentiment

Score: 5

Explanation: The document is a routine SEC filing related to insider trading under a pre-arranged plan. It doesn't inherently indicate positive or negative sentiment about the company's prospects.

Risks

• Sales by insiders, even under 10b5-1 plans, can sometimes be perceived negatively by the market.

Industry Context

Insider sales are a common occurrence in publicly traded companies, and Rule 10b5-1 plans are frequently used to allow insiders to sell shares without being accused of trading on non-public information. The volume and frequency of such sales are often monitored by investors.

Comparison to Industry Standards

• It's common for directors and officers of publicly traded companies like Moderna to utilize 10b5-1 trading plans to manage their stock sales.
• Companies like Pfizer, BioNTech, and Johnson & Johnson also see insider trading activity, often under similar pre-arranged plans.
• The size of the transactions is relatively small compared to the overall market capitalization of Moderna, which is typical for individual director sales.

Stakeholder Impact

• The stock sale could have a minor impact on shareholder sentiment, although the existence of a 10b5-1 plan mitigates concerns about insider information.

Key Dates