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Moderna’s stock price has surged dramatically over the past few days, reaching a high of $208.63, its highest level since January 13. This marks a more than 72% increase from its lowest point this year, bringing the company’s market cap to over $63 billion. However, it’s still down by over 60% from its all-time high.
Moderna’s share price has been gradually recovering in recent months, despite a slowdown in the company’s revenue growth. It has climbed by over 70% from its 2022 low, making it one of the best-performing stocks in the Nasdaq 100 index.
With the COVID-19 pandemic largely behind us, investors are turning their attention back to Moderna due to its broad pipeline of potential products. There’s optimism that the company’s success with its COVID-19 vaccine could lead to broader applications of its mRNA technology.
The stock saw a significant boost after Moderna released promising data for its melanoma vaccine. The company reported that the vaccine helped prevent the disease in about 44% of the targeted sample, marking the first time a vaccine has shown potential in preventing a type of cancer.
Despite this positive news, some analysts caution that investors might be getting ahead of themselves. The vaccine is still in the early stages, and revenue from it may not materialize until 2026, according to an analyst speaking with CNBC.
Moderna’s strong pipeline of other mRNA vaccines could serve as a potential catalyst for its stock price. The company is currently in the first phase of testing for its intratumoral immuno-oncology vaccine and has moved to the second phase for its localized regenerative therapeutics vaccine and propionic acidemia treatment. Additionally, Moderna is developing an inhaled pulmonary therapeutics vaccine for cystic fibrosis in partnership with Vertex, which is currently in preclinical development.
As the COVID-19-related revenue decreases, investors are likely to focus on Moderna’s undervaluation and its promising pipeline.
The daily chart shows that Moderna’s stock price has formed a golden cross pattern, which occurs when the 200-day and 50-day moving averages cross over each other. The stock has also moved slightly above the significant resistance level at $197.41, a point it struggled to surpass in August. The Awesome Oscillator has moved into positive territory, indicating potential bullish momentum.
Given the golden cross and the triple bottom pattern, there is a strong possibility that the stock could experience a bullish breakout in the near term. If this occurs, the stock price could rise to around $250 before the momentum slows down.