Moderna (NASDAQ:MRNA) Sets New 52-Week High – Here’s Why

Moderna, Inc. (NASDAQ:MRNA) hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $258.72 and last traded at $258.38, with a volume of 14,674,064 shares traded. The stock had previously closed at $228.44.

Moderna News Roundup

Here are the key news stories impacting Moderna this week:

• Positive Sentiment: Moderna’s investigational mRNA-2808 showed four confirmed responses among 11 heavily pretreated multiple myeloma patients in early Phase 1/2 data. The results will be presented at the American Society of Hematology meeting in December, drawing attention to the company’s approach of using mRNA to prompt the body to produce three cancer-targeting agents. Article: Moderna Soars on Early Multiple Myeloma Data Article: Moderna Announces Oral Presentation of mRNA-2808 Clinical Data
• Positive Sentiment: The World Health Organization’s technical advisory group recommended advancing Moderna’s experimental Bundibugyo ebolavirus vaccine, mRNA-1469, to a Phase 2/3 efficacy study in the Democratic Republic of the Congo, following encouraging preclinical and Phase 1 results. Article: Moderna Advances Investigational Bundibugyo Ebolavirus Vaccine
• Neutral Sentiment: Both updates involve investigational products: the myeloma findings are preliminary, and the Ebola vaccine still needs to undergo a larger efficacy study. They may support optimism about Moderna’s pipeline, but do not establish eventual approval or commercial success.

Wall Street Analyst Weigh In

MRNA has been the subject of several recent analyst reports. Brookline Capital Markets reiterated a “buy” rating on shares of Moderna in a research report on Wednesday, August 19th. William Blair lowered Moderna from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 27th. Berenberg Bank lifted their price objective on Moderna from $45.00 to $100.00 and gave the stock a “hold” rating in a research report on Friday, September 11th. Barclays boosted their price objective on Moderna from $48.00 to $125.00 and gave the company an “equal weight” rating in a research note on Monday, August 24th. Finally, UBS Group restated a “neutral” rating on shares of Moderna in a research report on Tuesday, September 22nd. Six equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Moderna presently has a consensus rating of “Hold” and a consensus price target of $107.10.

Moderna Stock Up 13.1%

The firm’s 50 day moving average price is $185.79 and its two-hundred day moving average price is $88.36. The company has a market cap of $103.16 billion, a P/E ratio of -32.34 and a beta of 1.16. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.18 and a current ratio of 2.29.

Insiders Place Their Bets

In other news, insider Shannon Klinger sold 3,471 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $139.95, for a total transaction of $485,766.45. Following the transaction, the insider owned 74,129 shares in the company, valued at approximately $10,374,353.55. This represents a 4.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James M. Mock sold 34,836 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $134.49, for a total value of $4,685,093.64. Following the sale, the chief financial officer owned 59,375 shares of the company’s stock, valued at approximately $7,985,343.75. This represents a 36.98% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 197,251 shares of company stock worth $33,875,904. 10.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Moderna

Institutional investors and hedge funds have recently bought and sold shares of the stock. Gryphon Financial Partners LLC purchased a new stake in shares of Moderna in the third quarter valued at about $470,000. AlphaCore Capital LLC bought a new position in Moderna in the 3rd quarter worth about $499,000. Retirement Systems of Alabama increased its stake in Moderna by 5.0% in the 3rd quarter. Retirement Systems of Alabama now owns 77,862 shares of the company’s stock worth $14,994,000 after acquiring an additional 3,678 shares during the last quarter. Palacios Wealth Management LLC purchased a new stake in shares of Moderna in the 3rd quarter valued at about $236,000. Finally, Clear Wave Wealth Management LLC purchased a new stake in shares of Moderna in the 3rd quarter valued at about $398,000. 75.33% of the stock is owned by hedge funds and other institutional investors.

About Moderna

Moderna, Inc is a biotechnology company that develops medicines and vaccines using messenger RNA (mRNA) technology. Its platform is designed to instruct cells to produce proteins that can stimulate immune responses or support the treatment of disease. The company’s research programs span infectious diseases, immuno-oncology, rare diseases, autoimmune conditions and other therapeutic areas.

Moderna’s commercial products include Spikevax, an mRNA vaccine for COVID-19, and mRESVIA, an mRNA vaccine for respiratory syncytial virus (RSV) in older adults.