Paul Sagan, chairman of public-interest site ProPublica, and a Moderna director, recently sold $710,000 of shares of the Covid-19 vaccine maker.
Fred Tanneau/AFP via Getty ImagesPaul Sagan, a Moderna director who also is chairman of public-interest site ProPublica, recently sold shares of the Covid-19 vaccine maker.
Sagan sold 2,250 Moderna (ticker: MRNA) shares on Oct. 13 for a total of $708,525, a per-share average price of $314.90. According to a form he filed with the Securities and Exchange Commission, Sagan sold the shares through an estate-planning vehicle for his family. The transaction was conducted through a so-called Rule 10b5-1 trading plan, which automatically executes trades based on preset conditions, such as price and volume. The plan is meant to remove potential biases an insider may have from the knowledge of material nonpublic information. Sagan adopted the plan Aug. 13.
The estate-planning vehicle, Erwin Park LLC, now owns 14,951 Moderna shares. Sagan owns another 446,859 shares through trusts that he controls.Moderna stock has rocketed more than 210% year to date, compared with the 19% gain in the S&P 500 index. Wall Street remains upbeat on the shares, and a Food and Drug Administration advisory panel recently recommended a Moderna booster shot.
Sagan, who has been ProPublica’s chairman since January 2017, is a senior advisor to and an executive in residence at General Catalyst, a venture-capital firm.
Moderna, ProPublica, and General Catalyst didn’t immediately respond to requests to make Sagan available for comment.
This is Sagan’s first sale of Moderna stock on record. His last transaction in the shares was when he bought $1 million of Moderna stock in February 2020. Most of the Moderna shares that Sagan owns were obtained through the conversion of preferred shares. Sagan joined Moderna’s board in June 2018, and the company went public that December.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.
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