Moderna (NASDAQ:MRNA) Stock Price Expected to Rise, Bank of America Analyst Says

Key Points

• Bank of America raised its price target on Moderna from $34 to $38, while keeping an underperform rating. The new target still implies about 52% downside from the stock’s previous close.
• Despite some bullish calls from other firms, analyst sentiment remains cautious overall, with a consensus rating of “Reduce” and a consensus price target of $37.87. Recent analyst actions were mixed, including Piper Sandler raising its target to $77 and Morgan Stanley setting $33.
• Moderna’s stock fell 3.2% in Tuesday trading, even though the company reported stronger-than-expected revenue in its latest quarter. The firm still posted a loss per share and analysts expect it to remain unprofitable this year.

Moderna (NASDAQ:MRNA - Get Free Report) had its price target hoisted by Bank of America from $34.00 to $38.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an "underperform" rating on the stock. Bank of America's price objective suggests a potential downside of 52.01% from the stock's previous close.

Other analysts have also recently issued research reports about the stock. Morgan Stanley set a $33.00 target price on shares of Moderna in a report on Friday, May 1st. Jefferies Financial Group reissued a "hold" rating on shares of Moderna in a research report on Thursday, June 18th. Piper Sandler raised their price objective on shares of Moderna from $69.00 to $77.00 and gave the company an "overweight" rating in a report on Friday, June 26th. UBS Group reiterated a "neutral" rating on shares of Moderna in a research note on Tuesday, May 26th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Moderna in a research note on Friday, June 12th. Two investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus price target of $37.87.

Moderna Stock Down 3.2%

Shares of NASDAQ MRNA traded down $2.62 during mid-day trading on Tuesday, hitting $79.18. The company had a trading volume of 2,077,271 shares, compared to its average volume of 9,278,820. The company has a market capitalization of $31.42 billion, a PE ratio of -9.75 and a beta of 0.94. The business's 50-day simple moving average is $54.08 and its 200 day simple moving average is $48.58. Moderna 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.

Moderna (NASDAQ:MRNA - Get Free Report) last released its earnings results 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 return on equity of 26.64% and a negative net margin of 143.55%.The company had revenue of $389.00 million for the quarter, compared to analyst estimates of $236.37 million. During the same period in the previous year, the firm earned ($2.52) earnings per share. The company's revenue for the quarter was up 260.2% compared to the same quarter last year. On average, analysts predict that Moderna will post -6.51 earnings per share for the current year.

Insider Transactions at Moderna

In related news, President Stephen Hoge sold 53,336 shares of the company's stock in a transaction dated Monday, June 15th. The stock was 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 $76,225,271.76. This represents a 3.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Shannon Thyme Klinger sold 3,471 shares of the business's stock in a transaction that occurred on 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 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 position. The SEC filing for this sale provides additional information. 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. Insiders sold a total of 125,088 shares of company stock valued at $6,193,713 over the last quarter. Company insiders own 10.80% of the company's stock.

Institutional Investors Weigh In On Moderna

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Capital World Investors acquired a new position in shares of Moderna in the 4th quarter worth approximately $378,299,000. Alyeska Investment Group L.P. bought a new stake in Moderna during the fourth quarter valued at $95,209,000. Norges Bank acquired a new stake in shares of Moderna during the fourth quarter worth $79,707,000. Invesco Ltd. lifted its position in shares of Moderna by 15.7% in the 3rd quarter. Invesco Ltd. now owns 8,216,163 shares of the company's stock worth $212,223,000 after buying an additional 1,115,131 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Moderna by 123.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,788,951 shares of the company's stock worth $52,775,000 after buying an additional 987,312 shares during the last quarter. 75.33% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.