Moderna shares fell for a sixth-straight day Friday as experts questioned whether Covid-19 vaccine sales alone will help justify the firm's meteoric valuation
Moderna’s stock plunge has pulled prices down so much that Bank of America analyst Geoff Meacham told investors in a Friday note that its valuation is now “back to earth” after its meteoric rise during the pandemic.
Meacham said he’s now focused on the company’s pipeline beyond Covid , pointing to the firm’s massive $17 billion in cash as a source of “strategic” opportunity. In a Friday note, UBS analyst Eliana Merle was more optimistic about Moderna’s prospects, calling its mRNA technology a disruptive force in the $35 billion annual vaccine market and saying its success with Covid-19 suggests a high likelihood of success for other vaccine targets.Shares of Moderna have plunged 67% from an all-time closing high of $484 on August 9, wiping out about $133 billion from the firm’s market capitalization, which now stands at roughly $65 billion.
earnings report. To compare, Devon Energy and Marathon Oil, last year’s top- and second-best-performing stocks in the S&P, have climbed 7% and 11% this year, respectively.
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