Why Moderna Stock Was Cratering This Week
(NASDAQ: MRNA), a star stock during the pandemic era, continues to struggle in a world that seems to be moving past COVID-19. According to data compiled by S&P Global Market Intelligence, the biotech's shares were down by over 10% week to date as of Thursday night. A disappointing earnings report published at the start of the month continued to reverberate negatively for the company.
Moderna's great disadvantage is that it has only one commercialized product, the go-to coronavirus vaccine Spikevax. It was a hot item during the pandemic, but its sales have faded even more quickly than COVID cases and fatality rates lately. This was a key reason the company posted a monster $3.6 billion-plus net loss in the aforementioned earnings report, accompanied by a nearly 50% year-over-year drop in revenue.
This week, in the wake of those quarterly results, numerous analysts were in an unforgiving mood with Moderna. Several cut their price targets on the stock.
Source Fool.com
Moderna Inc. Stock
With 20 Buy predictions and only 2 Sell predictions the community sentiment for the stock is positive.
Based on the current price of 66.08 € the target price of 134 € shows a potential of 102.78% for Moderna Inc. which would more than double the current price.
