Is Moderna a Good Coronavirus Stock To Buy?
As more biotech companies enter the mad race to get the first coronavirus vaccine from the testing lab to the market, Moderna (NASDAQ: MRNA) has placed itself at the front of the pack, with its most recent announcement that phase 2 trials for the company's vaccine candidate are imminent. On April 2, Moderna announced that the inaugural human trials for its coronavirus vaccine could move to phase 2 as soon as the end of spring or beginning of summer. Investors reacted accordingly, sending shares up by roughly 14% when the market closed that week from where they had started at the beginning of the week.
There's steep competition for investor dollars from companies like Inovio Pharmaceuticals (NASDAQ: INO), which just started human trials of its coronavirus vaccine last week, and Gilead Sciences (NASDAQ: GILD), which has already entered late-stage trials of its coronavirus drug candidate remdesivir in China. So you're not alone if you're unsure where you should be investing your hard-earned money in these uncertain times.
There are very few companies that have managed to ride out the sharp highs and lows of the coronavirus market thus far without experiencing significant losses, but Moderna is certainly one of them. Up by more than 60% since the beginning of 2020, Moderna shares have remained fairly buoyant, and the potential of a distributable vaccine looming in the offing has made this stock an increasingly attractive buy.
Source Fool.com
