Bank of New York Mellon Corp Reduces Position in Moderna, Inc. $MRNA

Key Points

• Bank of New York Mellon reduced its Moderna stake by 2.2% in the first quarter, selling 38,053 shares and leaving it with 1,691,205 shares worth about $85.9 million.
• Moderna reported a smaller-than-expected loss in its latest quarter, posting EPS of -$3.40 versus estimates of -$3.02, while revenue jumped 260.2% year over year to $389 million.
• Analyst sentiment remains cautious: the stock has an average rating of "Reduce" with a consensus price target of $40, even as some firms recently raised targets into the $45-$48 range.

Bank of New York Mellon Corp trimmed its position in shares of Moderna, Inc. (NASDAQ:MRNA - Free Report) by 2.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,691,205 shares of the company's stock after selling 38,053 shares during the period. Bank of New York Mellon Corp owned about 0.43% of Moderna worth $85,913,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MRNA. MUFG Securities EMEA plc bought a new stake in shares of Moderna during the 2nd quarter worth approximately $28,000. Flagship Harbor Advisors LLC purchased a new stake in Moderna in the fourth quarter worth $31,000. Canton Hathaway LLC bought a new stake in shares of Moderna during the first quarter worth $31,000. Cromwell Holdings LLC boosted its stake in shares of Moderna by 39.7% during the fourth quarter. Cromwell Holdings LLC now owns 1,200 shares of the company's stock valued at $35,000 after purchasing an additional 341 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Moderna by 148.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,341 shares of the company's stock valued at $37,000 after purchasing an additional 801 shares during the period. 75.33% of the stock is owned by hedge funds and other institutional investors.

Moderna Stock Performance

Shares of NASDAQ:MRNA opened at $59.66 on Wednesday. The firm has a 50 day moving average of $58.13 and a 200 day moving average of $51.36. The company has a quick ratio of 2.35, a current ratio of 2.41 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $23.67 billion, a price-to-earnings ratio of -7.32 and a beta of 0.94. Moderna, Inc. has a 52 week low of $22.28 and a 52 week high of $85.60.

Moderna (NASDAQ:MRNA - Get Free Report) last announced its earnings results on Friday, May 1st. The company reported ($3.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($3.02) by ($0.38). Moderna had a negative net margin of 143.55% and a negative return on equity of 26.64%. The company had revenue of $389.00 million for the quarter, compared to the consensus estimate of $236.37 million. During the same period last year, the business posted ($2.52) EPS. The firm's revenue was up 260.2% compared to the same quarter last year. On average, sell-side analysts predict that Moderna, Inc. will post -6.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Abbas Hussain sold 5,682 shares of the firm's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $46.63, for a total transaction of $264,951.66. Following the sale, the director owned 12,066 shares of the company's stock, valued at $562,637.58. This trade represents a 32.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Shannon Thyme Klinger sold 3,471 shares of Moderna stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $50.00, for a total value of $173,550.00. Following the completion of the transaction, the insider owned 67,468 shares in the company, valued at $3,373,400. This trade represents a 4.89% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Over the last 90 days, insiders have sold 125,088 shares of company stock valued at $6,193,713. Company insiders own 10.80% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Barclays raised their price target on shares of Moderna from $25.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 2nd. UBS Group restated a "neutral" rating on shares of Moderna in a research note on Tuesday, May 26th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Moderna in a research report on Thursday, June 18th. Royal Bank Of Canada boosted their price target on Moderna from $38.00 to $45.00 and gave the company a "sector perform" rating in a report on Tuesday, July 7th. Finally, Wolfe Research reissued an "underperform" rating and issued a $25.00 price objective on shares of Moderna in a research note on Monday. Two investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and five have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Moderna currently has an average rating of "Reduce" and a consensus price target of $40.00.

Moderna Profile

Moderna, Inc is a biotechnology company headquartered in Cambridge, Massachusetts, specializing in messenger RNA (mRNA) therapeutics and vaccines. The company’s platform leverages synthetic mRNA to instruct cells to produce proteins that can prevent or treat diseases. Since its founding in 2010, Moderna has advanced from early-stage research into a broad pipeline of vaccine and therapeutic candidates designed to address infectious diseases, rare genetic disorders and chronic illnesses.

Moderna’s flagship product is its mRNA-based COVID-19 vaccine, which was the first of its kind to receive emergency use authorization and later full approval in multiple jurisdictions.

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