Hoge Stephen, president of Moderna (MRNA), has filed 55 Form 4 transactions, all in the single company. The pattern is one-sided: zero open-market purchases and roughly $45.4 million in open-market sales. The recent activity is concentrated in a series of monthly sell-to-cover exercises and large block disposals.
The most recent filings, from October 15, 2026, show an $8.64 million open-market sale paired with a $933,478 option exercise. The prior day, October 14, saw two sales totaling $8.37 million, again with an option exercise of $933,491. September followed the same rhythm: sales of $5.88 million on September 15 and $5.81 million on September 14, each matched with an exercise around $933,000. July and June sales were smaller, at $3.61 million and $2.74 million respectively, but the structure was identical.
The Form 4 codes show the mechanical nature of much of this activity. The M codes are option exercises, which are not discretionary purchases. The F codes, such as the $629,986 and $211,788 tax-withholding events in September and June, are automatic share surrenders to cover tax obligations. The S codes are the only true open-market sales, and they have been consistent and substantial. The total sell value of $45.4 million against zero buy value leaves no ambiguity about the direction of Stephen's trading over the filing period.
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