Moderna, Inc. $MRNA Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia reduced its Moderna stake by 87.9% in the first quarter, selling 56,563 shares and retaining 7,783 shares valued at approximately $395,000. Hedge funds and other institutional investors still own 75.33% of Moderna.
• Moderna reported a quarterly loss of $3.40 per share, missing estimates, but revenue rose 260.2% year over year to $389 million. Analysts expect a full-year loss of $6.41 per share.
• Analyst sentiment remains cautious, with Moderna receiving an average “Reduce” rating and a consensus price target of $40, despite some analysts recently raising their targets.

Bank of Nova Scotia cut its holdings in Moderna, Inc. (NASDAQ:MRNA - Free Report) by 87.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,783 shares of the company's stock after selling 56,563 shares during the period. Bank of Nova Scotia's holdings in Moderna were worth $395,000 at the end of the most recent reporting period.

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

Moderna Stock Up 6.3%

Shares of NASDAQ:MRNA opened at $57.92 on Friday. The firm has a market capitalization of $22.98 billion, a PE ratio of -7.11 and a beta of 0.94. Moderna, Inc. has a 1 year low of $22.28 and a 1 year high of $85.60. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.41 and a quick ratio of 2.35. The firm's 50-day moving average is $59.21 and its two-hundred day moving average is $52.50.

Moderna (NASDAQ:MRNA - Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The company reported ($3.40) 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 business had revenue of $389.00 million during the quarter, compared to analysts' expectations of $236.37 million. During the same period in the previous year, the business posted ($2.52) EPS. The company's revenue for the quarter was up 260.2% compared to the same quarter last year. Analysts predict that Moderna, Inc. will post -6.41 EPS for the current year.

Insiders Place Their Bets

In other news, insider Shannon Thyme Klinger sold 3,471 shares of the company's stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $50.00, for a total transaction of $173,550.00. Following the sale, the insider owned 67,468 shares of the company's stock, valued at approximately $3,373,400. This represents a 4.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 the stock in a transaction on 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 completion of the sale, the president owned 1,483,848 shares in the company, valued at approximately $76,225,271.76. The trade was a 3.47% decrease in their ownership of the stock. 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. Insiders have sold a total of 119,406 shares of company stock worth $5,928,762 in the last ninety days. 10.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on MRNA shares. Morgan Stanley boosted their price target on shares of Moderna from $33.00 to $39.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 8th. Piper Sandler increased their price objective on shares of Moderna from $69.00 to $77.00 and gave the stock an "overweight" rating in a research report on Friday, June 26th. UBS Group reiterated a "neutral" rating on shares of Moderna in a report on Tuesday, May 26th. Weiss Ratings reissued a "sell (d-)" rating on shares of Moderna in a research report on Friday, June 12th. Finally, Royal Bank Of Canada upped their price target on Moderna from $38.00 to $45.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 7th. Two analysts have rated the stock with a Buy rating, ten have given a Hold rating and five have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Moderna presently has an average rating of "Reduce" and a consensus price target of $40.00.

Moderna Company 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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