Moderna (NASDAQ:MRNA) Shares Climb 13.1% – Here’s Why

Shares of Moderna, Inc. (NASDAQ:MRNA) traded up 13.1% during mid-day trading on Wednesday. The stock traded as high as $258.72 and last traded at $258.38. 14,685,154 shares were traded during mid-day trading, an increase of 16% from the average session volume of 12,624,256 shares. The stock had previously closed at $228.44.

Key Headlines Impacting Moderna

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

A number of equities research analysts have recently commented on the stock. Piper Sandler reiterated an “overweight” rating and issued a $230.00 target price (up from $167.00) on shares of Moderna in a research report on Monday, October 26th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $130.00 price target on shares of Moderna in a report on Wednesday, August 19th. Weiss Ratings reissued a “sell (d-)” rating on shares of Moderna in a research note on Wednesday, September 9th. Sanford C. Bernstein restated a “market perform” rating on shares of Moderna in a report on Friday, September 25th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Moderna in a research report on Friday, August 28th. They set a “hold” rating and a $125.00 price objective for the company. Six analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, Moderna has a consensus rating of “Hold” and a consensus target price of $107.10.

Moderna Stock Up 13.1%

The firm has a 50 day moving average price of $185.79 and a 200-day moving average price of $88.36. The company has a current ratio of 2.29, a quick ratio of 2.18 and a debt-to-equity ratio of 0.09. The firm has a market cap of $103.16 billion, a PE ratio of -32.34 and a beta of 1.16.

Insiders Place Their Bets

In other news, CFO Jamey Mock sold 34,836 shares of Moderna stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $134.49, for a total transaction of $4,685,093.64. Following the sale, the chief financial officer owned 59,375 shares in the company, valued at approximately $7,985,343.75. The trade was a 36.98% decrease in their ownership of the stock. The transaction 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. Also, President Stephen Hoge sold 39,145 shares of the firm’s stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $220.72, for a total value of $8,640,084.40. Following the transaction, the president owned 1,636,565 shares in the company, valued at $361,222,626.80. This represents a 2.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 197,251 shares of company stock valued at $33,875,904. 10.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Moderna

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Western Pacific Wealth Management LP purchased a new position in Moderna in the 3rd quarter worth approximately $29,000. Next Level Wealth Planning LLC purchased a new position in Moderna in the 3rd quarter valued at about $34,000. Ramsey Quantitative Systems acquired a new stake in shares of Moderna during the third quarter valued at about $40,000. Fortitude Family Office LLC lifted its stake in shares of Moderna by 53.1% in the third quarter. Fortitude Family Office LLC now owns 222 shares of the company’s stock worth $43,000 after acquiring an additional 77 shares in the last quarter. Finally, MADDEN SECURITIES Corp purchased a new position in Moderna in the third quarter valued at about $55,000. Institutional investors and hedge funds own 75.33% of the company’s stock.

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.