Moderna, Inc. (NASDAQ: MRNA) is a biotechnology company focused on developing medicines using messenger RNA (mRNA) technology, best known for creating one of the first COVID-19 vaccines. Shares now trade around $28 per share, valuing the company at about $10.9 billion, down nearly 68% in the past year. Once a biotech darling at the center of the pandemic, Moderna is now working to prove that its platform can succeed beyond COVID.
The company’s future rests on a pipeline spanning cancer vaccines, rare disease treatments, and seasonal flu, but so far revenue declines and heavy R&D spending have weighed on results. For investors, this creates a high-risk, high-reward profile that institutions and insiders are carefully navigating.
While Moderna’s early success was closely tied to its scientific founders and management team, ownership today is spread across some of the world’s largest asset managers and specialized biotech investors. The balance between passive index funds, active managers adjusting exposure, and hedge funds making bold bets shows how divided sentiment is on Moderna’s long-term potential.
Checking out who owns the stock and what insiders are doing gives a glimpse into how big players really feel about Moderna right now.
Who Are Moderna’s Top Shareholders?
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Moderna’s stock is primarily held by the world’s largest asset managers, with index funds making up a big share of its ownership. Alongside these passive giants, a handful of active managers and hedge funds have made notable adjustments, signaling mixed confidence in the company’s outlook.
- The Vanguard Group: 41.6M shares (10.7%), ~$1.17B. Added 1.36M shares (+3.4%).
- Baillie Gifford: 22.1M shares (5.7%), ~$619M. Cut 2.85M shares (-11.4%)
- BlackRock: 19.6M shares (5.1%), ~$550M. Added 1.76M shares (+9.9%).
- Fidelity Management: 19.5M shares (5.0%), ~$545M. Reduced by 1.37M shares (-6.6%).
- State Street: 17.3M shares (4.4%), ~$484M. Trimmed 508K shares (-2.9%).
The largest positions belong to passive giants like Vanguard and BlackRock, showing that much of Moderna’s ownership is tied to index flows rather than active conviction.
One highlight from last quarter is Millennium Management’s aggressive move, increasing its Moderna position by 484%. The hedge fund now holds nearly 870K shares worth about $24 million, which looks like a strong conviction bet at a time when many other investors have been cautious on the stock.
Baillie Gifford and Fidelity’s reductions suggest some long-term managers are cautious. In contrast, Two Sigma’s sharp increase (+78.8%) signals that certain hedge funds still see potential upside in Moderna’s pipeline.
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Moderna’s Recent Insider Trades
Insider trading activity at Moderna has been limited in recent months and mostly involved small transactions. The majority were sales by executives, with only one director making a modest purchase.
While the trades are relatively minor, they still provide a window into how leadership may be handling their personal exposure to the stock.
- James Mock (Officer): Sold 1,453 and 703 shares in July near $30.
- Shah Abbas Hussain (Director): Sold 312 shares at $28 in June.
- Shannon Thyme Klinger (Officer): Sold 1,139 and 551 shares at ~$26.
- Stephen Hoge (Officer): Sold 652 shares at ~$27 in May.
- David Rubenstein (Director): Bought 850 shares in August.
Most of these trades appear like small, routine sales, possibly linked to diversification or scheduled plans. The lack of meaningful insider buying suggests management may be cautious about adding at current levels.
Rubenstein’s modest purchase offers a rare sign of confidence, though its limited size makes it more symbolic than decisive.
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What the Ownership & Insider Trade Data Tell Us
Moderna’s ownership is led by passive giants like Vanguard and BlackRock, which helps keep the stock widely held in global portfolios. Some long-term managers like Baillie Gifford and Fidelity have reduced their stakes, showing caution, while hedge funds such as Two Sigma have increased their positions, signaling selective optimism.
Insider activity looks cautious as well, with mostly small sales that may be routine. The lack of significant buying suggests management might not view the current share price as a clear bargain. Rubenstein’s small purchase is a positive sign, but too minor to change the overall picture.
For investors, the message is mixed, and both institutions and insiders seem hesitant to commit more until Moderna can prove its pipeline beyond COVID-19 is strong enough to drive growth.
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