Moderna retreats from 52-week high, wiping out $10 billion in value
MRNA•Moderna shares fell 11.6% to $209.16 after reaching a 52-week high of $242.29 on Thursday, putting the stock on track to lose $10 billion in market value if losses hold. The decline followed a roughly 20% gain over the previous three sessions.
1. Shares reverse rally
Moderna shares fell 11.6% to $209.16, snapping a three-day winning streak and making the stock the worst performer on the Nasdaq 100. The decline put shares on track for their biggest one-day drop since Aug. 20 and to shed $10 billion in market value if losses hold.
2. Vaccine data ahead
The pullback followed a 52-week high of $242.29 on Thursday. Shares had gained about 20% over the previous three sessions and remained up more than 50% over the past month, and nearly tenfold from their November 52-week low of $22.28. The rally has been driven by late-stage cancer vaccine trial data developed with Merck; detailed data are due at the ESMO Congress on Oct. 24.
3. Analyst ratings
Six of 25 brokerages rate Moderna shares buy or higher, 15 rate them hold and four rate them sell or lower. Their median price target is $130. Moderna joined the Nasdaq 100 earlier this month, replacing Warner Bros. Discovery; shares were up more than sevenfold year to date, including the session's move.
