Strs Ohio Acquires 68,887 Shares of Moderna, Inc. $MRNA

Key Points

• Strs Ohio sharply increased its Moderna stake in the first quarter, boosting holdings by 802.5% to 77,471 shares worth about $3.94 million after buying 68,887 additional shares.
• Moderna shares fell 4.3% to $78.26 in Tuesday trading, though the stock remains near its 52-week high of $85.60 and above its long-term moving averages.
• Recent results and sentiment remain mixed: Moderna missed EPS estimates in its latest quarter despite strong revenue growth, while analysts currently rate the stock a consensus “Reduce” with an average target price of $37.60.

Strs Ohio grew its holdings in Moderna, Inc. (NASDAQ:MRNA - Free Report) by 802.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 77,471 shares of the company's stock after purchasing an additional 68,887 shares during the period. Strs Ohio's holdings in Moderna were worth $3,936,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in MRNA. Keybank National Association OH bought a new position in shares of Moderna in the first quarter valued at approximately $367,000. Canton Hathaway LLC bought a new position in shares of Moderna in the 1st quarter worth $31,000. Perkins Capital Management Inc. bought a new stake in shares of Moderna during the 1st quarter worth $203,000. Apollon Wealth Management LLC purchased a new position in Moderna in the first quarter worth $348,000. Finally, Patton Fund Management Inc. grew its position in Moderna by 1,080.4% in the first quarter. Patton Fund Management Inc. now owns 88,410 shares of the company's stock worth $4,491,000 after acquiring an additional 80,920 shares in the last quarter. Hedge funds and other institutional investors own 75.33% of the company's stock.

Moderna Trading Down 4.3%

Shares of MRNA stock traded down $3.54 during mid-day trading on Tuesday, reaching $78.26. The stock had a trading volume of 1,495,918 shares, compared to its average volume of 9,272,436. The firm has a market capitalization of $31.05 billion, a PE ratio of -9.65 and a beta of 0.94. The stock's 50-day moving average price is $54.08 and its two-hundred day moving average price is $48.58. The company has a current ratio of 2.41, a quick ratio of 2.35 and a debt-to-equity ratio of 0.08. 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 quarterly earnings results on Friday, May 1st. The company reported ($3.40) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $236.37 million. During the same quarter in the prior year, the firm earned ($2.52) EPS. The firm's revenue for the quarter was up 260.2% on a year-over-year basis. Equities analysts expect that Moderna, Inc. will post -6.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, President Stephen Hoge sold 53,336 shares of the firm's 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 completion of the sale, the president directly owned 1,483,848 shares of the company's stock, valued at approximately $76,225,271.76. This trade represents a 3.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Noubar Afeyan sold 9,263 shares of the business's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $46.84, for a total transaction of $433,878.92. Following the transaction, the director owned 3,924 shares in the company, valued at $183,800.16. This represents a 70.24% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 125,088 shares of company stock worth $6,193,713. Insiders own 10.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group raised their price target on Moderna from $43.00 to $49.00 and gave the company a "neutral" rating in a research report on Friday, May 1st. Morgan Stanley set a $33.00 price objective on Moderna in a report on Friday, May 1st. Bank of America upped their target price on Moderna from $32.00 to $34.00 and gave the stock an "underperform" rating in a research note on Monday, June 8th. Barclays lifted 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. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Moderna in a report on Friday, June 12th. Two investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average target price of $37.60.

About Moderna

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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