Moderna, Eli Lilly And This Biotechnology Stock Insiders Are Selling

The Nasdaq Composite tumbled by more than 400 points on Friday. Investors, meanwhile, focused on some notable insider trades.

When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.

Below is a look at a few recent notable insider sales. For more, check out Benzinga's insider transactions platform.

Moderna

• The Trade: Moderna, Inc. MRNA Director Noubar B. Afeyan sold a total of 10,000 shares at an average price of $122.40. The insider received around $1.22 million from selling those shares.
• What’s Happening: The European Commission recently authorized the conversion of the conditional marketing authorization for Moderna's Spikevax to standard marketing authorization.
• What Moderna Does: Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018.

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Eli Lilly and Company

• The Trade: Eli Lilly and Company LLY 10% owner Lilly Endowment Inc sold a total of 149,264 shares at an average price of $334.54. The insider received around $49.93 million as a result of the transaction.
• What’s Happening: The FDA recently granted Fast Track designation for Eli Lilly’s tirzepatide for adults with obesity or overweight with weight-related comorbidities.
• What Eli Lilly Does: Eli Lilly is a drug firm with a focus on neuroscience, endocrinology, cancer, and immunology.

Have a look at our premarket coverage here 

Regeneron Pharmaceuticals

• The Trade: Regeneron Pharmaceuticals, Inc. REGN SVP Controller Christopher R Fenimore sold a total of 1,844 shares at an average price of $749.00. The insider received around $1.38 million from selling those shares.
• What’s Happening: Goldman Sachs recently maintained a Buy on the stock and raised its price target from $796 from $970.
• What Regeneron Pharmaceuticals Does: Regeneron Pharmaceuticals discovers, develops, and commercializes products that fight eye disease, cardiovascular disease, cancer, and inflammation.