Moderna’s headquarters in Cambridge, Mass.
Maddie Meyer/Getty Images)Moderna stock is falling in premarket trading on news that Merck sold its investment in the biotech company, which has soared after successful trials of its Covid-19 vaccine.
Merck (ticker: MRK) said it had sold its stake in Moderna (MRNA) without disclosing the details of the transaction, beyond saying that it would record a small gain in the fourth quarter. Merck had invested $50 million in Moderna in 2015, and while it has closed out that position, the company said it would continue to have exposure to Moderna indirectly via other investments.
Moderna has risen more than 620% in 2020, but is down 3.1%, at $136.68, in early trading following the news. Merck is up 0.8%, at $82.18; its shares have fallen just over 10% year to date.
Moderna, which began trading in late 2018, has seen its stock surge thanks to its position as a front-runner in the race for a Covid-19 vaccine, along with Pfizer (PFE). Earlier this week, Moderna filed for emergency-use authorization from the Food and Drug Administration, following upbeat trial data.
Merck had its own hopes for a vaccine and is no stranger to making big bets, although its shares have struggled in 2020 as Covid has led many people to delay medical treatment. The company said that it continues to see strong demand during its upbeat second-quarter earnings, and Warren Buffett is a believer.
Write to Teresa Rivas at teresa.rivas@barrons.com
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December 02, 2020 at 09:17PM
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Moderna Stock Dips After Merck Announces It Sold Its Stake - Barron's
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