Coinbase Global, Moderna And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed higher on Tuesday. Investors, meanwhile, focused on some notable insider trades.

When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company’s prospects or that they view the stock as being overpriced. 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 President Stephen Hoge sold a total of 15,000 shares at an average price of $120.60. The insider received around $1.81 million from selling those shares.
• What’s Happening: HSBC initiated coverage on Moderna with a Reduce rating and announced a price target of $97.
• What Moderna Does: Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018.

Have a look at our premarket coverage here

Vertex Pharmaceuticals

• The Trade: Vertex Pharmaceuticals Incorporated VRTX CEO and President Reshma Kewalramani sold a total of 7,828 shares at an average price of $355.00. The insider received around $2.78 million from selling those shares.
• What’s Happening: Morgan Stanley recently reiterated Vertex Pharmaceuticals with an Equal-Weight and raised the price target from $305 to $340.
• What Vertex Pharmaceuticals Does: Vertex Pharmaceuticals is a global biotechnology company that discovers and develops small-molecule drugs for the treatment of serious diseases.

Coinbase Global

• The Trade: Coinbase Global, Inc. COIN Director Gokul Rajaram sold a total of 4,580 shares at an average price of $106.65. The insider received around $488,457 from selling those shares.
• What’s Happening: Coinbase CEO Brian Armstrong is scheduled to have a private meeting with House Democrats from the New Democrat Coalition on Wednesday to discuss digital-asset legislation.
• What Coinbase Global Does: Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States.

Snowflake

• The Trade: Snowflake Inc. SNOW SVP, Product Management Christian Kleinerman sold a total of 1,500 shares at an average price of $184.94. The insider received around $277,410 from selling those shares.
• What’s Happening: Scotiabank recently upgraded the stock from Sector Perform to Outperform and announced a $213 price target.
• What Snowflake Does: Founded in 2012, Snowflake is a data lake, warehousing, and sharing company that came public in 2020.

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