Every report the desk has filed, searchable by full text, topic, format, symbol and date range.
The index swap takes effect October 9 and will force passive funds tracking the Nasdaq-100 to buy Moderna shares and sell Warner Bros. Discovery.
Moderna will replace Warner Bros. Discovery in the Nasdaq-100 index on October 9, triggering mechanical buying and selling from index-tracking funds.
Evercore ISI cut its rating on Ultragenyx after a failed trial while Rothschild Redburn downgraded Moderna over how the stock is priced.
Two separate analyst downgrades hit biotech stocks, with Ultragenyx cut on a clinical trial failure and Moderna cut on valuation grounds.
The biotech turned to debt markets for fresh capital, a move investors read as dilutive and defensive.
Moderna's stock dropped after the company announced a $2 billion convertible notes offering, a financing move that raises the prospect of future share dilution.
A clinical breakthrough in Moderna's oncology vaccine program lifted the wider biopharmaceutical complex, extending a nascent recovery in a sector that has endured a multi-year derating on pricing pressure and patent-cliff anxiety.
Moderna's cancer-vaccine breakthrough triggered a sector-wide rally in biopharma stocks, accelerating an upswing that had already begun to reverse years of underperformance. The data point revives the platform thesis for mRNA beyond infectious disease and pulls capital back toward clinical-stage names including smaller RNA-therapeutics developers.