🚀 Moderna cuts $1.1B in expenses

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Moderna plans to cut $1.1 billion in expenses by 2027 and focus on securing 10 new product approvals as its COVID-19 business wanes. The company will reduce R&D spending and pause or scrap some projects, delaying profitability until 2028. Moderna’s respiratory syncytial virus (RSV) vaccine for high-risk adults showed positive trial results, but development for infant RSV vaccines will stop. Its standalone flu shot also showed strong results. Moderna continues pursuing a cancer vaccine with Merck despite regulatory challenges. Shares dropped over 15% following these updates.

2. Ajit Jain, vice chairman of Berkshire Hathaway's insurance operations, sold over half of his stake in the company, unloading 200 Class A shares for about $139 million. This sale leaves him with 61 shares, with additional shares held in family trusts and his nonprofit foundation. The sale, representing a significant reduction in his holdings, coincides with Berkshire's near-record stock price, signaling that Jain may view the stock as fully valued. Berkshire has also slowed its share buybacks recently, aligning with this sentiment.

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4. Headlines

   1. Former FTX executive Ryan Salame, who is already set to begin serving a seven-year sentence next month, could face new charges after admitting that he lied under oath to a federal judge last year.

   2. Taylor Swift’s endorsement of Kamala Harris is being credited with driving over 300,000 new voters to the Vote.gov website for local voting information.

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