Moderna Inc. announced yesterday that shipped its first batch of a possible coronavirus vaccine for human testing to the National Institute of Allergy and Infectious Diseases. Shares of Moderna soared yesterday finishing 27.81% higher at 23.76.
The earnings report came in below the analysts’ consensus. Moderna reported a net loss of $124.2 million, or $0.37/share, in the fourth Q4 of 2019, compared with a loss of $141.4 million, or $1.14/share, in the Q4 of 2018. Earnings beat consensus estimates of a net loss of $0.42. Revenues dropped 60% to $14 million in the fourth quarter of 2019, down from $35.4 million in the Q4 the previous year.
Moderna, is a new company and does not yet have any approved vaccines or treatments but is in the frontline of testing its vaccine for the novel coronavirus and Zika virus.
Moderna stock started trading in December 2018 and set an all-time high price of $29.79 on April 8th, and an all-time low of $11.53 on August 7th 2019.
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Moderna Technical Analysis
On the technical side the stock is in bullish path making fresh all-time highs. The first resistance will be met at $30 the psychological mark. The stock price is trading outside the Bolinger Bands and the stock price has reached overbought levels as indicated by the RSI (14) indicator.
On the downside initial support will be met at $27.29 the daily low. The next resistance stands at $20.48 the low from yesterday’s trading session. While the 50-day moving average at $20.14 would provide more bids.
Drugmaker companies are high-risk investments in the early stages and investors must be careful. MRNA stock makes fresh all-time high as the news support the recent rally. Global headlines around coronavirus – Covid-19 might push the stock price to record levels on high speculation that Moderna might be close to coronavirus vaccine.