Shares of Moderna Inc. (MRNA) surged 5.03% in Friday's trading session amidst positive news for the biotech company.
In a vote of confidence, Moderna CEO Stephane Bancel and board member Paul Sagan purchased over $6 million worth of the company's shares this week according to SEC filings. Additionally, Moderna secured a favorable legal outcome in a patent dispute with Pfizer and BioNTech over its Covid-19 vaccine technology. A German court ruled that the two pharma giants infringed on Moderna's patented technology, requiring them to compensate the biotech firm, with the amount to be determined in further proceedings.
The insider buying and legal victory likely fueled investor optimism and drove Moderna's stock higher in Friday's trading. The episode highlights confidence from leadership as well as bolstered prospects for future revenue streams from the patent win against rivals.
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