Moderna, Inc. reported a set of insider transactions and corporate updates that underline both executive liquidity activity and recent operational developments. On February 23, 2026, company President Stephen Hoge sold 160,009 shares of Moderna common stock at $48.84 per share, for a total that amounts to approximately $7.8 million.
Concurrently, Hoge exercised options to purchase 160,009 shares at an exercise price of $19.15 per share, which yields a notional value of $3.06 million for the shares acquired through the option exercise. Both the sale and the option exercise were carried out pursuant to a pre-established Rule 10b5-1 trading plan that Hoge adopted on November 13, 2025.
Following these transactions, Hoge’s reported holdings include 1,457,427 shares of Moderna common stock held directly. He also has indirect ownership of 4,116 shares through Valhalla, LLC, plus 151,933 shares held in a trust. At the time of the reported sale, Moderna shares were trading at $51.37 - a price point described as close to the company’s 52-week high of $55.20 - after a 108% increase in the stock over the preceding six months.
Separately, Moderna’s fourth-quarter 2025 financial results showed an earnings per share (EPS) of -2.11, ahead of the -2.62 consensus forecast, and revenue of $678 million, which exceeded the projected $662.84 million. These results were reported in the period preceding the insider transaction and are included among the company’s recent disclosures.
On the regulatory front, the U.S. Food and Drug Administration has agreed to review Moderna’s biologics license application for its investigational seasonal influenza vaccine, mRNA-1010. The review carries a Prescription Drug User Fee Act goal date of August 5, 2026.
Market analysts have adjusted their outlooks on Moderna in light of recent developments. Piper Sandler lifted its price target on Moderna shares to $69 from $63 and maintained an Overweight rating. RBC Capital increased its price target to $30 from $25 while retaining a Sector Perform rating. The analysts cited optimism around progress in Moderna’s pipeline, including the potential for growth from the next-generation COVID vaccine mNEXSPIKE.
InvestingPro analysis cited within company coverage indicates Moderna appears overvalued relative to its Fair Value. That analysis is available through InvestingPro’s research platform and includes additional valuation metrics and commentary specific to MRNA.
Moderna has also expressed frustration over an earlier FDA refusal-to-file decision for its flu vaccine filing, though the company reported that the same filing has been accepted for review in the European Union, Australia, and Canada.
Clear summary
Stephen Hoge executed a planned sale of 160,009 Moderna shares at $48.84 on February 23, 2026, and simultaneously exercised options for the same number of shares at $19.15. The transactions occurred under a Rule 10b5-1 plan. Moderna has posted a Q4 2025 earnings beat, reported higher-than-expected revenue, and received FDA agreement to review its mRNA-1010 seasonal influenza vaccine application with a PDUFA date of August 5, 2026. Analysts have adjusted price targets, and InvestingPro flags the stock as appearing overvalued relative to Fair Value.
Key points
- Insider activity - Hoge sold 160,009 shares at $48.84 and exercised options for 160,009 shares at $19.15 under a 10b5-1 plan adopted Nov 13, 2025.
- Financials - Q4 2025 EPS of -2.11 topped the -2.62 estimate and revenue of $678 million beat the $662.84 million projection.
- Regulatory and analyst updates - FDA agreed to review the mRNA-1010 BLA with an Aug 5, 2026 PDUFA date; Piper Sandler and RBC Capital raised price targets and maintained ratings.
Risks and uncertainties
- Valuation risk - InvestingPro analysis indicates Moderna appears overvalued relative to its Fair Value, presenting potential valuation downside for investors.
- Regulatory uncertainty - The company previously received a refusal-to-file decision from the FDA for its flu vaccine, and regulatory outcomes for mRNA-1010 remain a pivotal unknown ahead of the PDUFA date.
- Pipeline execution - Continued investor and analyst optimism is tied to pipeline prospects such as mNEXSPIKE, but realization of that potential depends on future clinical and regulatory developments.