Moderna, Inc. (MRNA) stock soared 5% in pre-market trading on Wednesday, building on the positive momentum from the previous session and boosted by news of the CEO's significant stock purchase.
On Tuesday, Moderna's shares surged 5.04% in after-hours trading, defying expectations after an analyst at Redburn Atlantic lowered its price target on the pharmaceutical company's stock. Despite the downward revision, which suggested potentially weaker expectations for Moderna's future performance or valuation, investors seemed undeterred and pushed the stock higher.
Further fueling the pre-market rally was the revelation that Moderna's CEO, Stephane Bancel, had made open market purchases totaling approximately $5 million, acquiring 160,314 shares of the company's common stock. This significant investment by the top executive reflects Bancel's continued confidence in Moderna's future prospects as the company continues to innovate within the life sciences sector.
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