Cathie Wood led Ark Invest on Wednesday initiated a position in $Moderna(MRNA.US)$ after the biotech company said an updated version of its COVID-19 booster vaccine appeared to provide stronger protection against the Omicron variant than its current shot.
St. Petersburg, Florida-based Ark Invest bought 172,939 shares, estimated to be worth $25.68 million, in Moderna.
Moderna closed 2.2% higher at $148.5 on Wednesday. The stock, which is down 36.8% so far this year, has risen 9% in the past month.
Ark Invest bought the Moderna shares via its flagship pharma-linked exchange fund Ark Genomic Revolution ETF (BATS: ARKG) on Wednesday.
See Also: Moderna's Updated COVID-19 Shot Boosts Omicron Protection
The money managing firm, however, sold 152,823 shares — estimated to be worth $8.17 million — in rival Pfizer Inc (NYSE: PFE) on Wednesday.
Shares of the biotech firm, which is boosting production of its oral COVID-19 pill, closed 0.9% lower at $53.4. The stock is down 5.6% year-to-date. Pfizer has been seeking FDA approval for three COVID-19 vaccine doses for children under five.
Ark Invest held 732, 993 shares, worth $39.5 million, in Pfizer before Wednesday's trade. The investment firm has been selling shares in Pfizer for months now.