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On Friday, Moderna (MRNA) stock rose by 4.94% breaking out the $32 resistance level. Clinching above $34 has helped Moderna CEO Stephane Bancel to join the list of billionaires.
As the war against the novel coronavirus intensifies all over the world, a lot of people are eying on the pharmaceutical companies spearheading the development of vaccines. Moderna Inc (NASDAQ: MRNA) stock continues enjoying a huge backing from investors, as the company pushes its vaccine to human testing. As a result, MRNA stock jumped 4.94% to clinch above a strong resistance level at $32, which has played out for the past two months. Today it the pre-market, it has gained another 0.86% to trade at $35.15.
Most investors are betting long on Moderna stock, leaving the company with a lot of pressure of delivering a vaccine or risking a sell of their stock market. Since the drug has not been approved yet, it is a huge bet and risk that investors are doing. We are also in very unpredicted times when we are not sure how the virus will evolve next.
The biggest loss that can happen to Moderna Inc. is if the vaccine is disapproved, or the coronavirus disappears on its own. It would start a wave of the selloff, which would cripple down the Moderna stock market.
As the stock leaped higher, one of the biggest beneficiaries was the Moderna CEO Stephane Bancel, who joined the list of dollar billionaires. Forbes estimates that Bancel’s net worth is slightly over $1 billion, based on the fact that he owns approximately 9% of the company. His net worth is expected to shoot even higher if the stock continues with the uptrend, which seems to be in the early stage.
Moderna (MRNA) Stock Analysis
Checking the weekly bar chart for Moderna (MRNA) stock, we can see that the price just broke through a major resistance level, where the price reversed to its lowest last year. Having closed the previous week on a positive note, and opening the week on a promising rate, the sky may not be the limit for the stock.
The company’s vaccine is moving in a ground-shaking pace, as confirmed by Moderna Chairman Noubar Afeyen, who said that the company’s vaccine is expected to proceed to phase two human trials by early summer.
In a press statement, Bancel assures all that:
“Moderna’s primary focus is on the safety of all involved and the continued conduct of our clinical programs as we navigate the pandemic together.”
He added that the company is also focused on responding to the coronavirus pandemic and is hopeful we will pull it all together.
Its stock price will continue with the high volatility until such a time when the vaccine is approved by the FDA. However, if you have some money that you don’t mind if you lose, then Moderna stock seems a promising investment at the moment when coronavirus pandemic rise intensifies.