Merck sells off its Moderna stake after making record gains amid the pandemic
After recording close to a billion dollars in investment earnings over 9 months, driven mostly by Moderna’s soaring stock, Merck is cashing out.
The company sold its stake in $MRNA — which it’s held since 2015 — in the first half of the quarter, causing a temporary 2.5% dip in Moderna’s share price before the market opened on Wednesday. By late morning, the stock was back up 3.4%. The news comes just two weeks before an FDA advisory committee meeting to discuss Moderna’s application for emergency use of its Covid-19 vaccine.
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