What the executives and directors of Moderna actually did with their own shares, decoded from three years of SEC Form 4 filings.
The tape: three years of insider trades
Every marker sits at the exact price reported on the Form 4. The line is the monthly median of all prices insiders reported, so the chart needs no market feed; the gray strip is routine flow (vestings, tax withholding, gifts) that headlines love to miscount as selling.
Where the shares went, last 12 months
Every Form 4 movement decomposed: what flowed in (grants, vested equity, purchases) and what flowed out (tax withholding, plan sales, discretionary sales, gifts). Counted in shares, because grants carry no price.
Skin in the game
Directly held shares as reported after each trade, indexed to 100 five years back. Direct holdings only: trust and family-entity positions are per-entity in the filings and do not sum honestly, so this chart refuses to guess. The steps are the trades.
Who holds what
| Insider | Role | Shares held | Buys 12 m | Sales 12 m |
|---|---|---|---|---|
| Bancel Stephane Chief Executive Officer | CEO | 15.3M | — | — |
| AFEYAN NOUBAR | Director | 2.2M | — | $1.1M |
| Hoge Stephen President | Officer | 1.7M | — | $16.7M |
| SAGAN PAUL | Director | 312.7K | — | — |
| Klinger Shannon Thyme Chief Legal Officer | Officer | 79.3K | — | $900K |
| Mock James M Chief Financial Officer | CFO | 67.1K | — | — |
| Nader Francois | Director | 32.8K | — | — |
| Berenson Stephen | Director | 22.2K | — | — |
| NABEL ELIZABETH G | Director | 19.3K | — | — |
| Horning Sandra | Director | 18.6K | — | — |
| Hussain Abbas | Director | 12.1K | — | $279K |
| Rubenstein David M. | Director | 9,643 | — | — |
| Tallett Elizabeth E | Director | 4,761 | — | — |
| Garay Arpa Chief Commercial Officer | Officer | 3,690 | — | — |
Open-market trade log
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-07-15 | Hoge Stephen (Officer) | Planned sale (10b5-1) | 53.3K | $67.60 | $3.6M |
| 2026-06-15 | Hoge Stephen (Officer) | Planned sale (10b5-1) | 53.3K | $51.37 | $2.7M |
| 2026-06-04 | Klinger Shannon Thyme (Officer) | Planned sale (10b5-1) | 3,471 | $50.00 | $174K |
| 2026-05-21 | AFEYAN NOUBAR (Director) | Discretionary sale | 9,263 | $46.84 | $434K |
| 2026-05-15 | Hoge Stephen (Officer) | Planned sale (10b5-1) | 53.3K | $48.40 | $2.6M |
| 2026-05-01 | Hussain Abbas (Director) | Planned sale (10b5-1) | 5,682 | $46.63 | $265K |
| 2026-03-02 | Klinger Shannon Thyme (Officer) | Planned sale (10b5-1) | 13.9K | $52.29 | $726K |
| 2026-02-23 | Hoge Stephen (Officer) | Planned sale (10b5-1) | 160K | $48.84 | $7.8M |
| 2025-12-11 | AFEYAN NOUBAR (Director) | Discretionary sale | 23.9K | $29.49 | $703K |
| 2025-12-09 | Hussain Abbas (Director) | Planned sale (10b5-1) | 504 | $27.60 | $14K |
| 2025-06-11 | Hussain Abbas (Director) | Planned sale (10b5-1) | 312 | $28.00 | $9K |
| 2025-03-03 | SAGAN PAUL (Director) | Open-market buy | 31.6K | $31.76 | $1M |
| 2025-03-03 | Bancel Stephane (CEO) | Open-market buy | 57.5K | $31.53 | $1.8M |
| 2025-03-03 | Bancel Stephane (CEO) | Open-market buy | 102.8K | $31.04 | $3.2M |
| 2024-12-09 | Klinger Shannon Thyme (Officer) | Planned sale (10b5-1) | 529 | $44.68 | $24K |
| 2024-12-03 | Hoge Stephen (Officer) | Planned sale (10b5-1) | 314 | $43.30 | $14K |
| 2024-12-03 | Klinger Shannon Thyme (Officer) | Planned sale (10b5-1) | 112 | $43.30 | $5K |
| 2024-11-29 | Mock James M (CFO) | Planned sale (10b5-1) | 1,420 | $42.79 | $61K |
| 2024-11-29 | Hoge Stephen (Officer) | Planned sale (10b5-1) | 291 | $42.79 | $12K |
| 2024-11-29 | Klinger Shannon Thyme (Officer) | Planned sale (10b5-1) | 1,418 | $42.79 | $61K |
| 2024-11-11 | Hoge Stephen (Officer) | Planned sale (10b5-1) | 277 | $46.10 | $13K |
| 2024-10-07 | Mock James M (CFO) | Planned sale (10b5-1) | 715 | $60.12 | $43K |
| 2024-09-09 | Klinger Shannon Thyme (Officer) | Planned sale (10b5-1) | 551 | $73.57 | $41K |
| 2024-09-03 | Hoge Stephen (Officer) | Planned sale (10b5-1) | 318 | $76.99 | $24K |
| 2024-09-03 | Klinger Shannon Thyme (Officer) | Planned sale (10b5-1) | 114 | $76.99 | $9K |
| 2024-08-29 | Mock James M (CFO) | Planned sale (10b5-1) | 162 | $78.03 | $13K |
| 2024-08-29 | Hoge Stephen (Officer) | Planned sale (10b5-1) | 300 | $78.03 | $23K |
| 2024-08-29 | Klinger Shannon Thyme (Officer) | Planned sale (10b5-1) | 162 | $78.03 | $13K |
| 2024-08-28 | Mock James M (CFO) | Planned sale (10b5-1) | 1,321 | $79.39 | $105K |
| 2024-08-28 | Klinger Shannon Thyme (Officer) | Planned sale (10b5-1) | 1,319 | $79.39 | $105K |
| 2024-08-12 | Hoge Stephen (Officer) | Planned sale (10b5-1) | 254 | $84.10 | $21K |
| 2024-07-31 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 1,309 | $121.62 | $159K |
| 2024-07-31 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 3,428 | $120.88 | $414K |
| 2024-07-31 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 4,599 | $118.96 | $547K |
| 2024-07-31 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 5,664 | $119.84 | $679K |
| 2024-07-24 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 2,000 | $119.01 | $238K |
| 2024-07-24 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 2,668 | $116.33 | $310K |
| 2024-07-24 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 3,500 | $117.25 | $410K |
| 2024-07-24 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 6,832 | $118.30 | $808K |
| 2024-07-17 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 700 | $124.61 | $87K |
| 2024-07-17 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 2,100 | $121.57 | $255K |
| 2024-07-17 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 2,601 | $120.86 | $314K |
| 2024-07-17 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 2,900 | $122.86 | $356K |
| 2024-07-17 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 6,699 | $123.82 | $829K |
| 2024-07-15 | Hoge Stephen (Officer) | Planned sale (10b5-1) | 15K | $121.12 | $1.8M |
| 2024-07-10 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 500 | $119.95 | $60K |
| 2024-07-10 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 1,100 | $119.28 | $131K |
| 2024-07-10 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 3,000 | $117.83 | $353K |
| 2024-07-10 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 4,279 | $117.18 | $501K |
| 2024-07-10 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 6,121 | $116.01 | $710K |
| 2024-07-08 | Mock James M (CFO) | Planned sale (10b5-1) | 689 | $118.24 | $81K |
| 2024-06-26 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 100 | $134.05 | $13K |
| 2024-06-26 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 700 | $131.56 | $92K |
| 2024-06-26 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 1,100 | $125.71 | $138K |
| 2024-06-26 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 1,100 | $127.50 | $140K |
| 2024-06-26 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 1,435 | $128.78 | $185K |
| 2024-06-26 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 1,500 | $124.90 | $187K |
| 2024-06-26 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 1,600 | $123.74 | $198K |
| 2024-06-26 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 2,300 | $129.84 | $299K |
| 2024-06-26 | AFEYAN NOUBAR (Director) | Planned sale (10b5-1) | 2,460 | $122.69 | $302K |
“Since trade” compares with the latest insider-implied price, not a market quote; this site carries no market data by design.
Filing hygiene
How to read this
A Form 4 transaction code decides everything. P is an open-market purchase and S an open-market sale; those two are the only codes where an insider chose to trade. A is a grant, M an option exercise or vesting, F shares withheld to cover tax, G a gift. Most “insiders dumped billions” headlines are code F and M mechanics.
Sales flagged 10b5-1 run on a plan the insider adopted in advance; since 2023 every Form 4 carries that flag. Buys have historically predicted returns, sales mostly have not, and this page states filings, not advice.