Moderna rises after $6 million in insider purchases revealed

Moderna’s share price is spiking after the company disclosed early Wednesday that CEO Stephane Bancel and Board Director Paul Sagan have purchased $6 million worth of the company’s stock.

According to the filings, Bancel acquired 160,314 shares for a total of $5 million, while Sagan bought 31,620 shares for $1 million. The executives purchased the shares at about $31 per share.

Moderna shares have fallen more than 20% since the start of the year. The vaccine maker has struggled to keep up with investor expectations after its Covid vaccine revenue dried up. Moderna did receive money from the government to develop a bird flu vaccine, which excited investors, though that grant is reportedly being reevaluated.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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