Moderna (NASDAQ:MRNA) Shares Down 6.5% – Here’s Why

Moderna, Inc. (NASDAQ:MRNA)’s share price dropped 6.5% during mid-day trading on Thursday. The stock traded as low as $237.65 and last traded at $241.46. 11,834,699 shares changed hands during mid-day trading, a decline of 6% from the average daily volume of 12,625,952 shares. The stock had previously closed at $258.38.

Moderna News Roundup

Here are the key news stories impacting Moderna this week:

• Positive Sentiment: Early data for experimental multiple-myeloma treatment mRNA-2808 showed confirmed responses in four of 11 heavily pretreated patients. The results helped drive recent interest in Moderna’s cancer pipeline, though the treatment remains early-stage. Article: Moderna Soars 8% on Early Multiple Myeloma Data
• Positive Sentiment: The WHO’s technical advisory group recommended Moderna’s investigational Bundibugyo Ebola vaccine, mRNA-1469, for a Phase 2/3 efficacy study in the Democratic Republic of the Congo, following encouraging early data. This advances a potential new use of the company’s mRNA platform, but the vaccine is still investigational. Article: Moderna Advances Investigational Bundibugyo Ebolavirus Vaccine
• Neutral Sentiment: Friday’s Q3 earnings report is a key near-term catalyst. Investors are expected to watch financial results and whether Moderna has the resources to support its pipeline; the previews do not provide results in advance. Article: Moderna Soared 8% on Cancer Data. Friday’s Report Shows Whether It Can Afford the Pipeline
• Neutral Sentiment: Moderna said initial Phase 1/2 data for mRNA-2808 will be presented at the American Society of Hematology meeting in December, offering a future update on the multiple-myeloma program. Article: Moderna Announces Oral Presentation of mRNA-2808 Clinical Data
• Negative Sentiment: Bearish commentary argues the stock’s rally has outpaced near-term fundamentals, citing ongoing cash burn, limited near-term product launches, and commercial and manufacturing hurdles. That leaves earnings and pipeline-funding disclosures especially important to investors. Article: Moderna Earnings Preview: The Melanoma Breakthrough Is Real, But $221 Is Way Too Much

Analyst Upgrades and Downgrades

MRNA has been the topic of several research reports. The Goldman Sachs Group boosted their price objective on shares of Moderna from $120.00 to $137.00 and gave the stock a “neutral” rating in a research note on Thursday, October 15th. Jefferies Financial Group reaffirmed a “hold” rating and set a $150.00 target price (up from $60.00) on shares of Moderna in a research note on Wednesday, August 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Moderna in a report on Wednesday, September 9th. Morgan Stanley boosted their price target on Moderna from $89.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 7th. Finally, Sanford C. Bernstein restated a “market perform” rating on shares of Moderna in a research note on Friday, September 25th. Six research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, Moderna has a consensus rating of “Hold” and an average target price of $107.10.

Moderna Stock Down 6.5%

The company’s 50-day moving average is $187.78 and its 200 day moving average is $89.46. The company has a market capitalization of $96.40 billion, a PE ratio of -30.22 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, CFO Jamey Mock sold 34,836 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were 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 $7,985,343.75. This represents a 36.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Stephen Hoge sold 40,294 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $144.13, for a total transaction of $5,807,574.22. Following the sale, the president directly owned 1,525,858 shares of the company’s stock, valued at $219,921,913.54. This trade represents a 2.57% 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 ninety days, insiders sold 197,251 shares of company stock valued at $33,875,904. Insiders own 10.80% of the company’s stock.

Hedge Funds Weigh In On Moderna

Hedge funds have recently bought and sold shares of the business. Illinois Municipal Retirement Fund increased its holdings in Moderna by 12.3% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 115,726 shares of the company’s stock valued at $22,285,000 after acquiring an additional 12,721 shares during the last quarter. Philadelphia Trust Co. purchased a new stake in Moderna in the 3rd quarter worth $410,000. Mesirow Financial Investment Management Inc. bought a new position in shares of Moderna during the 3rd quarter valued at about $383,000. Lido Advisors LLC boosted its holdings in shares of Moderna by 0.5% during the 3rd quarter. Lido Advisors LLC now owns 16,605 shares of the company’s stock valued at $3,198,000 after purchasing an additional 83 shares during the last quarter. Finally, Keybank National Association OH boosted its holdings in shares of Moderna by 5.6% during the 3rd quarter. Keybank National Association OH now owns 9,581 shares of the company’s stock valued at $1,845,000 after purchasing an additional 512 shares during the last quarter. Hedge funds and other institutional investors 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.