Moderna (MRNA) Stock Up 1% after Falling 9% in Reaction to Downgrade by BoA

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by Ibukun Ogundare · 3 min read
Moderna (MRNA) Stock Up 1% after Falling 9% in Reaction to Downgrade by BoA
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In 2021, it is expected that Moderna will to generate $11 billion in revenue from its vaccine.

Moderna Inc (NASDAQ: MRNA) stock is up nearly 1% in after-hours trading following a 9% decline. On the 1st of February, Moderna Inc dipped 9% following a downgrade from Geoff Meacham, an analyst at the Bank of America. Although the analyst kept his $150 price target on MRNA, he downgraded his rating on Moderna stock from “neutral” to “underperform.”

As a result, Moderna opened trading at $174 despite crossing over $185 on the 29th of January. Not long after, the company stock fell further to $154 in the early hours of trading.

Moderna Stock

Despite the downgrade, Moderna stock has grown by over 75 in the last five days. The company surged over 672% in the last one year and has climbed nearly 51% in its year-to-date record. MRNA has also recorded an increase of 134.66% in the last three months and 20.95$ over the past month. In the last five days, the company has grown by over 7%.

Shares of biotechnology company vaccine maker Moderna were up 425% in 2020 as the company delivered its coronavirus shots. Moderna delivered its first COVID-19 after its rivals Pfizer Inc (NYSE: PFE) and BioNtech SE (NASDAQ: BNTX) had released their vaccine weeks before.

After the US Food and Drug Administration (FDA) gave Moderna’s vaccine an emergency authorization, MRNA advanced to trade at $170. Like its rival, Moderna pulled in significant gains in the past year amid the development of the coronavirus vaccine. In the year, MRNA advanced from $19 to $11.

However, the stock of the biotechnology company declined towards the end of 2020 to $103 but started rebounding in the new year. In 2021, Moderna is expecting to generate $11 billion in revenue from its vaccine.

Federal States Leave Moderna Vaccines Unused

research report by Business Insider revealed that individual countries are leaving vaccines unused rather than vaccinating people amid the increasing number of coronavirus cases.

The Ministry of Health data showed that 63,600 Moderna vaccine doses had been delivered to the 16 federal states in Germany. As of the 29th of January, Business Insider said that the ministry planned to deliver additional 91,200 cans of doses on the 31st of January.

The report revealed that some states like Brandenburg and  North Rhine-Westphalia had not used any of the Moderna vaccine doses as of the 27th of January. Others are Thuringia and Hesse.  In total, the states have 63,600 unused vaccine doses.

The Business Insider report further highlighted the vaccines delivered to each federal state. The report said that Thuringia had left its 1200 Moderna vaccine doses unused. North Rhine-Westphalia has also received about 13,200 vaccine doses from Moderna.

Speaking to Business Insider, German scientist Karl Lauterbach commented on the happenings with the vaccine doses. He said:

“I don’t understand why the Moderna vaccine is not inoculated right away. Because it’s effectiveness is particularly high and it has few side effects it is particularly helpful in care facilities and when vaccinating people in need of care who have to be visited. No vaccine should be stored unnecessarily.”

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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