History of Moderna
Moderna is a biotechnology company founded in 2010 that develops mRNA-based vaccines and therapeutics. Moderna gained worldwide recognition in 2020 for its mRNA COVID-19 vaccine, which was one of the first authorized for emergency use. By 2021, Moderna’s COVID-19 vaccine accounted for the majority of its over $18 billion in revenue. Moderna has also developed vaccines for respiratory syncytial virus, cytomegalovirus, influenza, and Zika virus. The company is working on personalized cancer vaccines and has a robust pipeline of other mRNA medicines in development.
Why Moderna Stock Can Rise in 2024
There are several reasons why Moderna’s stock price could increase in 2024:
- COVID-19 vaccine sales may rebound as new variants emerge and boosters are needed. Analysts predict vaccine sales could decrease in 2024 and increase again in 2025.
- Moderna’s pipeline outside of COVID-19 is progressing. By 2024-2026, Moderna aims to have 5 commercial products, including vaccines for RSV, influenza, and cancers.
- The company is diversifying its revenue stream beyond just infectious disease vaccines. Its immuno-oncology programs have shown promise in clinical trials.
- Moderna’s mRNA technology is proven and can be quickly adapted to new diseases. This gives the company an advantage in rapidly developing new vaccines and treatments.
- Analysts are increasingly optimistic about Moderna’s future growth prospects. The average analyst price target is $126, well above the current $100 stock price.
Technical Analysis of Moderna Stocks
Moderna’s stock has shown some positive technical signals lately. The stock broke through the downward trend it had been in over the medium to long term. This breakout indicates the pace of decline has slowed for the stock.
Moderna recently hit its short-term target price of $86.84. While this shows the stock has met initial growth objectives, technical indicators suggest a cautiously optimistic outlook is prudent.
The stock has found good support around the $70 level recently. Resistance is expected around $118 based on recent price action. With Moderna shares trading between these support and resistance levels, the stock seems well-positioned for potential gains.
However, headwinds remain from declining COVID-19 vaccine demand. Technicals cannot anticipate fundamental business issues like this. Traders should watch for Moderna to break above resistance at $118 for a strongly bullish technical signal. The technical picture suggests Moderna has stabilized and could be ready for an upswing, but fundamental challenges could limit major near-term gains.
