New York (CNN Business)Moderna's stock price skyrocketed as much as 30% on Monday after the biotech company announced promising early results for its coronavirus vaccine. As ordinary investors piled in, two insiders were quietly heading for the exits.Moderna's chief financial officer and chief medical officer executed options and sold nearly $30 million of shares combined on Monday and Tuesday, SEC filings reviewed by CNN Business show. The sales occurred after Moderna (MRNA) excited Wall Street before markets opened Monday by announcing encouraging vaccine trial results. Moderna's market value swelled to $29 billion -- even though the company has no marketed products. After spiking to as high as $87 on Monday, Moderna's stock price has since retreated below $70 as medical experts have debated the importance of the early findings. The securities transactions were done through automated insider trading plans, known as 10b5-1 plans, that lay out future stock trades at set prices or on set dates. Lorence Kim, Moderna's chief financial officer, exercised 241,000 options for $3 million on Monday, filings show. He then immediately sold them for $19.8 million, creating a profit of $16.8 million. In quest for vaccine, US makes 'big bet' on company with unproven technology The next day, Tal Zaks, Moderna's chief medical officer, spent $1.5 million to exercise options. He immediately sold the shares for $9.77 million, triggering a profit of $8.2 million. Moderna said the sales were executed under 10b5-1 trading plans that were established in advance. "These transactions are executing automatically pursuant to these trading plans," the company said. Although the fortuitous timing of the transactions may raise eyebrows, Charles Whitehead, professor at Cornell Law School, said the stock sales did not appear to raise any legal red flags. "On its face, there is nothing wrong with these trades," Whitehead said. "It's what a 10b5-1 plan is intended for, assuming the requirements are met." These plans regulate when and how many shares company insiders, including directors and executives, are allowed to sell. The transactions are typically executed automatically, without the insiders taking any action. Kim, the CFO, also made stock sales prior to the vaccine news. On May 15, just days before the results were announced, Kim sold 20,000 shares of stock worth $1.3 million.