On Tuesday, Cathie Wood's Ark Invest made a significant move by increasing its stake in Moderna Inc. (NASDAQ:MRNA), a leading COVID-19 vaccine maker. This move comes amidst a series of upcoming catalysts for the biotech firm.
The MRNA Trade
Ark Invest, through its flagship Ark Innovation ETF (NYSE:ARKK), purchased a whopping 72,800 shares of Moderna. Based on the closing price of $107.41 on the same day, the value of this trade stands at approximately $7.82 million. This move indicates a strong belief in the biotech firm's potential, as Ark Invest has been consistently increasing its holdings in Moderna throughout March.
The buying spree reflected Ark's confidence in Moderna's diversified pipeline beyond its mRNA COVID-19 vaccine, including a next-gen COVID-19 vaccine and other promising candidates. With expectations of vaccine approvals and upcoming investor events, Ark appears to be anticipating further growth potential despite Moderna's recent market performance.
Over 12 months Moderna stock has declined 26.89%, however, since 2024 started the stock has gained 8%.
Other Key Trades:
- The ARKG fund sold 1,770 shares of Nvidia Corp (NASDAQ:NVDA). That trade, made through ARK Genomic Revolution ETF (NYSE:ARKG), was valued at $1.63 million.
- Ark Invest's ARKF fund bought shares of Roblox Corp (NYSE:RBLX).
- ARKG also bought shares of Recursion Pharmaceuticals (NASDAQ:RXRX). ARKK purchased 60,9626 shares of Recursion Pharmaceuticals. ARKQ sold shares of Trimble Inc (NASDAQ:TRMB).