Moderna (NASDAQ:MRNA) Trading Up 6.7% – Here’s What Happened

Moderna, Inc. (NASDAQ:MRNA)’s stock price shot up 6.7% during mid-day trading on Friday . The company traded as high as $141.10 and last traded at $145.7080. 1,340,686 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 11,536,123 shares. The stock had previously closed at $136.62.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. lifted their target price on Moderna from $40.00 to $77.00 and gave the company an “underweight” rating in a report on Friday, August 21st. Jefferies Financial Group reiterated a “hold” rating on shares of Moderna in a research note on Wednesday, August 19th. Piper Sandler restated an “overweight” rating on shares of Moderna in a report on Monday, August 3rd. The Goldman Sachs Group upped their price target on shares of Moderna from $67.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 19th. Finally, CLSA raised Moderna to an “outperform” rating in a research report on Friday, August 28th. Seven investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Moderna has an average rating of “Hold” and a consensus price target of $76.72.

Moderna Price Performance

The stock’s 50-day simple moving average is $91.07 and its two-hundred day simple moving average is $66.19. The company has a quick ratio of 2.18, a current ratio of 2.29 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $59.35 billion, a price-to-earnings ratio of -18.50 and a beta of 1.10.

Moderna (NASDAQ:MRNA) last issued its quarterly earnings results on Friday, July 31st. The company reported ($1.97) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.03) by $0.06. The firm had revenue of $145.00 million for the quarter, compared to analysts’ expectations of $102.93 million. Moderna had a negative return on equity of 28.30% and a negative net margin of 141.43%.The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($2.13) EPS. Equities research analysts predict that Moderna, Inc. will post -6.09 earnings per share for the current year.

Insider Buying and Selling at Moderna

In other news, insider Shannon Klinger sold 3,471 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $139.95, for a total value of $485,766.45. Following the transaction, the insider directly owned 74,129 shares in the company, valued at approximately $10,374,353.55. This trade represents a 4.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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, President Stephen Hoge sold 53,336 shares of Moderna stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $51.37, for a total value of $2,739,870.32. Following the transaction, the president directly owned 1,483,848 shares in the company, valued at approximately $76,225,271.76. This trade represents a 3.47% 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. 10.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Moderna

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. TD Waterhouse Canada Inc. increased its position in shares of Moderna by 2.6% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 3,388 shares of the company’s stock valued at $246,000 after acquiring an additional 85 shares during the period. Assetmark Inc. boosted its holdings in Moderna by 35.1% during the first quarter. Assetmark Inc. now owns 801 shares of the company’s stock worth $41,000 after buying an additional 208 shares in the last quarter. New Mexico Educational Retirement Board grew its position in Moderna by 1.9% during the fourth quarter. New Mexico Educational Retirement Board now owns 15,700 shares of the company’s stock valued at $463,000 after buying an additional 300 shares during the period. IFP Advisors Inc raised its position in shares of Moderna by 5.4% in the fourth quarter. IFP Advisors Inc now owns 6,785 shares of the company’s stock worth $200,000 after acquiring an additional 348 shares during the period. Finally, Empowered Funds LLC boosted its stake in shares of Moderna by 2.6% during the 4th quarter. Empowered Funds LLC now owns 13,732 shares of the company’s stock worth $405,000 after acquiring an additional 353 shares in the last quarter. Institutional investors own 75.33% of the company’s stock.

Moderna Company Profile

Moderna, Inc is a biotechnology company that develops messenger RNA (mRNA) medicines and vaccines. Its platform is designed to provide cells with instructions to produce proteins that may help prevent or treat infectious diseases, cancer and other medical conditions.

The company’s commercial products include Spikevax, an mRNA vaccine for COVID-19, and mRESVIA, an mRNA vaccine for respiratory syncytial virus (RSV) in older adults. Moderna also maintains a pipeline of investigational programs in areas such as seasonal influenza, cytomegalovirus, oncology and rare diseases.

Founded in 2010 and headquartered in Cambridge, Massachusetts, Moderna serves markets in the United States and internationally through regulatory approvals, commercial partnerships and distribution arrangements.