On Thursday, Cathie Wood’s influential investment firm, Ark Invest, made a notable move by divesting shares of Moderna Inc (MRNA). This decision comes amidst a mixed landscape of analyst opinions and Moderna’s recent unveiling of its post-COVID roadmap.
Ark Invest’s ARK Genomic Revolution ETF (ARKG) and ARK Innovation ETF (ARKK) collectively sold 160,994 shares of Moderna, representing a trade value of approximately $9.15 million based on Moderna’s closing price on the day of the transaction. This significant move has sparked curiosity about Ark Invest’s investment strategy and their outlook on Moderna’s future prospects.
Moderna’s stock has faced scrutiny following its announcement of a revised financial plan and updates to its mRNA-based pipeline. CEO Stéphane Bancel highlighted the company’s success in respiratory vaccines and outlined a strategic focus on five non-respiratory products with the aim of gaining approvals by 2027.
However, the biotech company’s future trajectory has elicited mixed reactions from analysts. Over the past three months, 16 analysts have weighed in on Moderna, with the average 12-month price target settling at $111.50, reflecting a decrease of 18.06% from the previous average. This suggests a degree of uncertainty surrounding Moderna’s ability to deliver on its ambitious goals.
Beyond Moderna, Ark Invest’s trading activity has also included purchases of shares in Advanced Micro Devices Inc (AMD), 10X Genomics Inc (TXG), CRISPR Therapeutics AG (CRSP), Blade Air Mobility Inc (BLDE), and 3D Systems Corp (DDD). Conversely, the firm has sold shares of Materialise NV (MTLS) and Markforged Holding Corp (MKFG). This diverse trading activity provides insights into Ark Invest’s ongoing investment strategies across various sectors.
