💊Moderna Slashes R&D by $1.1B Amid Revenue Miss, Summit Soars on Capital Raise, and Gilead Reports Breakthrough in HIV Prevention | Biotech Sector Insights
Moderna Inc. (MRNA), which dropped sharply after announcing a strategic shift to reduce R&D expenses and forecasting lower revenue for 2025. Biogen has recently appointed two new board members to enhance its governance.
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Below are AI-generated insights on moves in the health care/biotechnology sector, powered by MarketReader technology.
Thursday, September 12
IBB [-1.2%]
The iShares Biotechnology ETF (IBB) has declined by 1.2% during market hours on Thursday. Significant contributors to this performance include Moderna Inc. (MRNA), which dropped sharply after announcing a strategic shift to reduce R&D expenses and forecasting lower revenue for 2025. Other notable declines came from Vertex Pharmaceuticals (VRTX), BioNTech SE (BNTX), Biogen Inc. (BIIB), and Mirati Therapeutics (MTD). Biogen has recently appointed two new board members to enhance its governance. In the broader market context, the Russell 2000 Index has also experienced a slight decline of 0.16%, reflecting a cautious sentiment that may be influencing the biotech sector.