Moderna falls 20% amid reports that insiders have sold $89 million in shares this year as the stock has spiked (MRNA)

Moderna dropped as much as 20% on Wednesday amid a report from StatNews that insiders at the biotech company have liquidated $89 million in stock so far in 2020.

• Moderna shares more than quadrupled from the beginning of 2020 to their high of $87 in mid-May, as investors bid up the company in response to its COVID-19 vaccine efforts.
• Moderna shares have since sold off nearly 47% from their peak.
• Jim Cramer said on CNBC Wednesday morning, "Moderna insider sales is horrendous ... I hope the SEC looks into it."
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Moderna fell as much as 20% on Wednesday amid a report from StatNews detailing that insiders at the company have collectively sold $89 million in stock year-to-date.

The stock sales were prescheduled through a corporate 105b-1 trading plan, which is an SEC rule that allows corporate insiders to schedule the predetermined buying or selling of shares in the future, in an effort to remove the perception of insider trading.

Shares of Moderna have skyrocketed in 2020 as investors bid up the company on hopes of its COVID-19 vaccine efforts.

At its $87 peak on May 18, Moderna stock was up 344% from its January 2 open of $19.57.

Despite Moderna's 47% decline from its recent high, shares are still up more than 135% year-to-date.

In addition to the insider sales, Moderna itself sold more than $1 billion in shares after releasing positive news on its phase-one COVID-19 vaccine efforts .

Read More: GOLDMAN SACHS: These are the 20 stocks hedge funds piled into most aggressively last quarter - and history suggests they're set for big gains Insiders who have sold shares in 2020 include the CEO, chief financial officer, chief technical officer, and chief medical officer, SEC filings showed. According to StatNews, the insider sales have led to combined profits of more than $80 million. CNBC's Jim Cramer called Moderna's insider sales "horrendous" on Wednesday morning. "Moderna insider sales is horrendous ... I hope the SEC looks into it," Cramer said on CNBC's "Opening Bell." A request for comment from Moderna was not answered in time for publication of this article. Business Insider will update the story if the company responds. Moderna was down as much as 20% to $46.14 in Wednesday morning trading. Markets Insider NOW WATCH: Why thoroughbred horse semen is the world's most expensive liquid See Also: 'It works for anything I look at': BlackRock's bond chief who oversees $2.3 trillion shares the 'really simple' 3-part framework that guides every investment decision he makes and outlines 2 factors he looks for in a company These 11 stocks loved by hedge funds have beaten the market during both the coronavirus collapse and its subsequent recovery, RBC says Multiple readings of the stock market's future are near their worst levels ever. UBS says that's set up a 'significant recovery' and lays out a 2-part playbook to profit from it.