Moderna hires J&J executive as chief medical officer

Shares of Moderna Inc.
MRNA,
-7.77%
were down 2.1% in premarket trading on Monday after the company said it hired Dr. Paul Burton as its new chief medical officer. Burton, a former Johnson & Johnson
JNJ,
-0.48%
executive, will report to CEO Stéphane Bancel. He replaces Dr. Zal Taks, who announced plans to leave Moderna earlier this year. Burton most recently was the chief of global medical affairs for J&J’s pharmaceuticals business. Both Moderna and J&J have received authorizations for their COVID-19 vaccines in the U.S. Moderna’s stock is up 109.5% so far this year, while the broader S&P 500
SPX,
-0.22%
has gained 13.1%.