What smart money is saying about Moderna
2 funds in our archive have pitched Moderna, most recently Baillie Gifford International Concentrated Growth in September 2026.
Moderna, Inc., a biotechnology firm, is dedicated to the discovery, development, and commercialization of messenger RNA (mRNA) based therapies and preventive medicines. Its extensive research and development efforts target a broad spectrum of medical needs, including infectious diseases, cancer immunology, rare conditions, cardiovascular ailments, and autoimmune disorders, with operations spanning the United States, Europe, and other global markets. The company's diverse product pipeline encompasses various vaccine candidates: those for respiratory illnesses like COVID-19, influenza, and respiratory syncytial virus (RSV); latent viral infections such as cytomegalovirus (CMV), Epstein-Barr virus (EBV), human immunodeficiency virus (HIV), herpes simplex virus (HSV), and varicella-zoster virus (VZV); and public health threats like Zika and Nipah. Additionally, Moderna is advancing systemic secreted and cell surface-targeted therapeutics, an array of cancer vaccines (including personalized, KRAS, and checkpoint varieties), intratumoral immuno-oncology products, localized regenerative treatments, systemic intracellular medicines, and inhaled pulmonary solutions. Moderna maintains strategic alliances with several prominent entities, including AstraZeneca PLC, Merck & Co., Inc., Vertex Pharmaceuticals Incorporated, Vertex Pharmaceuticals (Europe) Limited, Carisma Therapeutics, Inc., Metagenomi, Inc., the Defense Advanced Research Projects Agency (DARPA), the Biomedical Advanced Research and Development Authority (BARDA), the Institute for Life Changing Medicines, and The Bill & Melinda Gates Foundation. It also holds a collaboration and license agreement with Chiesi Farmaceutici S.P.A. Founded in 2010 as Moderna Therapeutics, Inc., the company officially became Moderna, Inc. in August 2018. Its corporate headquarters are located in Cambridge, Massachusetts.
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Fund signal · last 12 months
11 lettersMore funds are selling than buying
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q2 2026 and Q3 2026, 11 fund letters reported a position in Moderna, with 5 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 7 | 0 | 5 | 2 |
| Q2 2026 | 4 | 0 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 11 positions · 6 moves
- September 2026
“During the quarter, we closed short positions in Bending Spoons SpA (BSP), Chipotle Mexican Grill (CMG), The Ensign Group (ENSG), Gemini Space Station (GEMI), Jersey Mike's Subs (JMKE), Moderna (MRNA), Reformation (REF), Once Upon a Farm (OFRM), and X-Energy Inc. (XE).”
Moderna - September 2026
“we also reduced our holding in Moderna following its sharp share-price recovery.”
Moderna - September 2026
“Beyond software, the top contributor over the past year has been Moderna. We know clients have endured a bumpy ride with us on this one. But we are seeing exciting new developments from the company. Moderna’s personalised melanoma treatment, intismeran, delivered positive results in a late-stage trial with KEYTRUDA. It showed that Moderna’s mRNA technology is broader than infectious diseases. Shares more than doubled on the news and have risen eightfold since the post-COVID low. Learning from the past, we halved the position. Moderna also illustrates a broader point.”
Moderna - September 2026
“strong stock-specific returns from Moderna, Meta and Hays, all of which exceeded expectations.”
Moderna - September 2026
“It has been a rollercoaster ride investing in Moderna since IPO in 2018 and holding through significant highs and lows. Remaining patient and focusing on the long-term potential at the trough was particularly challenging. But that patience has proven to be valuable. Following the sharp recovery in its share price, we reduced the position by 50 percent and reinvested the profits across the portfolio.”
Moderna - TrimmedMontaka Global InvestmentsSeptember 2026
“Other augmentations included an increase of capital to Uber, given its favourable risk/reward profile; and trimmings to our position in Salesforce, following its significant stock price rally; as well as our small outlier position in Moderna, also following its significant stock price rally.”
Moderna - September 2026
“Other augmentations included an increase of capital to Uber, given its favourable risk/reward profile; and trimmings to our position in Salesforce, following its significant stock price rally; as well as our small outlier position in Moderna, also following its significant stock price rally.”
Moderna - June 2026
Listed in Baron Focused Growth Fund’s reported holdings.
Moderna - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
Moderna - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
Moderna - HoldsBaron CapitalJune 2026
Listed in Baron Capital’s reported holdings.
Moderna
Also mentioned · 7
These funds discuss Moderna as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedBaron Health Care FundSeptember 2026
“The single largest stock-specific headwind came from not owning Moderna, Inc., whose shares nearly tripled after the company announced that its personalized mRNA cancer vaccine in combination with Merck & Co., Inc.’s KEYTRUDA as adjuvant therapy demonstrated statistically significant and clinically meaningful improvements in recurrence- free survival and distant metastasis-free survival compared to KEYTRUDA alone for patients with completely resected stage IIB-IV melanoma who had not undergone prior treatment with systemic therapy.”
Moderna - September 2026
“Positive clinical trial results from Moderna and Merck for their personalised cancer vaccine also helped lift sentiment towards biotech, providing a further boost to a sector that had been out of favour with investors.”
Moderna - September 2026
“Positive clinical trial results from Moderna and Merck for their personalised cancer vaccine also helped lift sentiment towards biotech,”
Moderna - September 2026
“Healthcare benefited from quarterly earnings that showed a continued normalisation in growth following the post-pandemic slowdown. Positive clinical trial results from Moderna and Merck for their personalised cancer vaccine also helped lift sentiment towards biotech, providing a further boost to a sector that had been out of favour with investors.”
Moderna - September 2026
“Healthcare benefited from quarterly earnings that showed a continued normalisation in growth following the post-pandemic slowdown. Positive clinical trial results from Moderna and Merck for their personalised cancer vaccine also helped lift sentiment towards biotech, providing a further boost to a sector that had been out of favour with investors.”
Moderna - September 2026
“Positive clinical trial results from Moderna and Merck for their personalised cancer vaccine also helped lift sentiment towards biotech, providing a further boost to a sector that had been out of favour with investors.”
Moderna - MentionedExorJune 2026
“Valuation drivers The fair value at 30 June 2026 of Exor's shareholding equal to €680 million (€956 million at 31 December 2025) has decreased by 29% as a result of the negative share price development of bioMérieux, representing 69% of Institut Mérieux portfolio, and Transgene, partially offset by positive performance of Moderna.”
Moderna
Fund coverage · 2 theses
- Baillie Gifford International Concentrated GrowthSeptember 2026
Moderna is valued for the long-term potential of messenger RNA and new phase 3 oncology data supporting its personalised cancer vaccine opportunity.
Read the full thesis - Baillie Gifford US Equity Growth StrategySeptember 2026
Moderna, Inc. is advancing personalized cancer treatment and demonstrating that its mRNA technology has applications beyond infectious diseases.
Read the full thesis
Read every full thesis on Moderna
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