COVID-19 vaccine maker Moderna, Inc. (NASDAQ:MRNA) fell over 21% on Thursday after the company reduced its revenue guidance for the year, citing a highly competitive respiratory vaccine market in the U.S. and weak COVID-19 vaccine sales in Europe.
What Happened: Moderna stock plunged 21.01% to $94.17 on Thursday and fell an incremental 1.73% to $92.54 in premarket trading on Friday, according to Benzinga Pro data.
Cathie Wood‘s Ark Invest capitalized on the weakness and piled into the stock. On Thursday two of Ark’s actively managed exchange-traded funds – the Ark Innovation ETF (NYSE:ARKK) and the ARK Genomic Revolution ETF (CBOE: ARKG), bought 202,991 shares of Moderna, valued at $19.12 million.
The buying is in line with Ark’s strategy of using any potential weakness as a buying opportunity in its core portfolio holdings.
Moderna is ARKK’s 24th biggest holding in value terms, with the flagship fund holding 736,884 shares valued at $69.39 million. ARKG holds 399,287 Modena shares valued at $37.60 million.
See Also: Best Biotech Stocks Right Now
Why It’s Important: Moderna, which is one of the pioneers of the mRNA new-vaccine technology, was among the frontrunners that launched vaccines for the virus causing the COVID-19 pandemic. The early-mover advantage has helped the company to make outsized profits from selling the vaccine.
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