Modena Executives Sell Millions in Shares As Stock Tanks in Massive Sell Off

(TJVNEWS) Shares of Moderna plummeted Monday as Covid-19 vaccine-makers led a turbulent market decline, pushing the stock to its lowest level in nearly a year after disappointing study results and a slew of sales from the firm’s top executives added to concerns that have made one of last year’s top-performing stocks crash more than 70%, Forbes reported.

Moderna stock fell as much as 13% on Monday to a 10-month low of less than $140, pushing shares down more than 30% over the past month amid a sell-off largely centered on technology and healthcare firms that skyrocketed in value during the pandemic, Forbes reported.

Regulatory filings released on Friday show that four Moderna executives, including  CEO CEO Stephane Bancel, sold a combined 23,281 shares

Monday’s worst-performing stock in the S&P 500, Moderna has plunged 72% from an all-time closing high of $484 on August 9, wiping out more than $140 billion from the firm’s market capitalization, which now stands at less than $57 billion, Forbes reported.

Pharmaceutical giant Pfizer’s shares also tanked by 2% after it warned in its fourth-quarter earnings report that vaccine sales will slow down this year. The report also showed that COVID-19 vaccines made up 53% of the firm’s fourth-quarter revenue.

Executives in both Moderna and Pfizer have openly acknowledged that COVID-19 vaccines won’t be a sustainable revenue stream in years to come, as COVID-19 restrictions end and positive cases wane.

The effectiveness of the vaccines themselves has also been called into question. A study released on Friday by the Centers for Disease Control and Prevention revealed that Moderna and Pfizer’s booster shots lost substantial-effectiveness after less than four months.