Cathie Wood's Ark Adds Over $19M Worth Of Moderna Shares After Thursday's 21% Plunge On Guidance Cut
Portfolio Pulse from Shanthi Rexaline
Cathie Wood's Ark Invest purchased over $19 million worth of Moderna shares after the stock plunged 21% due to reduced revenue guidance. Moderna cited a competitive respiratory vaccine market and weak COVID-19 vaccine sales in Europe as reasons for the guidance cut. Ark's ETFs, ARKK and ARKG, bought 202,991 shares of Moderna, aligning with their strategy of buying on weakness.
August 02, 2024 | 1:00 pm
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ARK Genomic Revolution ETF (ARKG) also bought 202,991 shares of Moderna, valued at $19.12 million, following the stock's significant drop. This move is part of Ark's strategy to buy on weakness.
The acquisition of Moderna shares by ARKG suggests a strategic investment to leverage the stock's decline, potentially benefiting ARKG's short-term performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ark Innovation ETF (ARKK) added 202,991 shares of Moderna, valued at $19.12 million, after the stock's 21% plunge. This aligns with Ark's strategy of buying on weakness in core portfolio holdings.
The purchase of Moderna shares by ARKK indicates a strategic move to capitalize on the stock's dip, which could positively impact ARKK's performance in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Moderna's stock fell over 21% after the company reduced its revenue guidance, citing a competitive respiratory vaccine market and weak COVID-19 vaccine sales in Europe. Cathie Wood's Ark Invest purchased over $19 million worth of shares, indicating confidence in the company's long-term prospects.
The significant purchase by Ark Invest suggests confidence in Moderna's long-term potential despite the short-term revenue guidance cut. This could stabilize or even boost the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100