Moderna Inc (NASDAQ:MRNA, ETR:0QF) shares moved higher after it was disclosed the company insiders have purchased $6 million in shares.
According to filings with the Securities and Exchange Commission (SEC), CEO Stephane Bancel purchased 160,314 shares for $5 million.
Board director Paul Sagan purchased 31,620 for $1 million.
This is the first time Bancel has bought Moderna stock since becoming CEO in 2011, which has been interpreted as a positive signal by investors.
Shares of Moderna were up 4.7% at $31.79 late morning on Wednesday.