Key Points
Initiated stake: 500,000 shares, an estimated $12.91 million increase
Post-trade Moderna position: 500,000 shares, valued at $12.91 million
Moderna now accounts for 1.23% of Telemark’s reportable AUM, which places it outside the fund’s top five holdings
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Telemark Asset Management, LLC established a new position in Moderna (NASDAQ:MRNA), acquiring 500,000 shares valued at approximately $12.91 million as of September 30, 2025, according to a November 10, 2025, SEC filing.
What Happened
According to a filing with the U.S. Securities and Exchange Commission dated November 10, 2025, Telemark Asset Management, LLC reported a new position in Moderna, acquiring 500,000 shares during the third quarter. The stake was valued at $12.91 million as of September 30, 2025, marking Telemark’s initial disclosure of ownership in the biotechnology company for this reporting period.
What Else to Know
This is a new position; Moderna represents 1.23% of Telemark’s 13F reportable assets under management.
Top holdings after the filing:
- NASDAQ:NVDA: $111.95 million (10.6% of AUM)
- NYSE:CCJ: $83.86 million (8.0% of AUM)
- NASDAQ:CSGP: $46.40 million (4.4% of AUM)
- NYSE:HEI: $45.19 million (4.3% of AUM)
- NASDAQ:META: $44.06 million (4.2% of AUM)
As of November 9, 2025, Moderna shares were priced at $24.54, down 51.19% over the past year; shares have underperformed the S&P 500 by 66.12 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close 2025-11-07) | $24.54 |
| Market capitalization | $9.38 billion |
| Revenue (TTM) | $2.22 billion |
| Net income (TTM) | $(3.12 billion) |
Company Snapshot
Moderna, Inc. is a biotechnology company specializing in the discovery and development of mRNA-based medicines. The company leverages its mRNA technology platform to address a broad range of diseases, with a pipeline spanning infectious disease vaccines, oncology, and rare disorders. Moderna's strategic collaborations and diversified product portfolio position it as a key innovator within the biotechnology sector.
- Develops and commercializes messenger RNA (mRNA) therapeutics and vaccines targeting infectious diseases, cancer, rare diseases, and other conditions.
- Generates revenue primarily through the sale of proprietary vaccines and therapeutics, with a focus on respiratory, latent, and public health vaccine portfolios.
- Serves healthcare providers, governments, and pharmaceutical partners across the United States, Europe, and international markets.
Foolish Take
Telemark Asset Management, a Boston-based hedge fund, recently disclosed a new stake in Moderna worth more than $12.9 million. Here's what average investors need to know.
First, Telemark's acquisition of Moderna comes at a very interesting time. Shares of Moderna have sunk in 2025, with the stock down approximately 41% year-to-date. Indeed, as of this writing on November 10, 2025, Moderna stock is within a whisper of its 52-week low of $23.04.
Therefore, Telemark's big purchase should be sign as a vote of confidence. Clearly, Telemark's portfolio managers view a turnaround as likely, given that the fund has made Moderna a key component. The fund's Moderna position represents 1.23% of total assets under management, making Moderna the fund's 28-largest overall position out of 47 stocks.
What's more, Moderna released mixed third-quarter earnings results (for the three months ending on September 30, 2025). On the positive side, Moderna beat analysts' expectations for revenue and profits. However, the company also reduced forward sales guidance.
To sum up, Telemark's recent acquisition of Moderna stock should be seen as a sign of institutional support, even as the company's stock has endured a tough stretch of underperformance and remains close to its 52-week low. Retail investors may want to keep an eye on the stock to see if a turnaround could be taking shape in the weeks and months ahead.
Glossary
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
13F reportable assets: Securities that institutional investment managers must disclose quarterly to the SEC on Form 13F.
Position: The amount of a particular security or asset held by an investor or fund.
Stake: The ownership interest or investment a person or institution has in a company.
Biotechnology company: A business focused on developing products using biological processes, often in medicine or agriculture.
Messenger RNA (mRNA): A molecule that carries genetic instructions from DNA to make proteins, used in some modern medicines.
Therapeutics: Treatments or drugs developed to cure or manage diseases.
Pipeline: The set of products or drug candidates a company is developing but has not yet brought to market.
Proprietary: Owned and controlled by a company, often protected by patents or trade secrets.
Strategic collaborations: Partnerships between companies to achieve shared business or research goals.
TTM: The 12-month period ending with the most recent quarterly report.
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Jake Lerch has positions in Nvidia and has the following options: long December 2025 $585 puts on Meta Platforms and short December 2025 $640 puts on Meta Platforms. The Motley Fool has positions in and recommends CoStar Group, Meta Platforms, and Nvidia. The Motley Fool recommends Cameco, Heico, and Moderna. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
