Moderna (MRNA) Surges 3.2%: Is This an Indication of Further Gains?
Moderna MRNA shares ended the last trading session 3.2% higher at $108.59. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 9.2% gain over the past four weeks.
This rise in share price is attributable to the encouraging results announced by Moderna on its reformulated influenza vaccine candidate mRNA-1010 from multiple clinical studies. Data from separate clinical studies showed that mRNA-1010 elicited higher immune responses across all four A and B strains of influenza than GSK’s Fluarix or Sanofi’s Fluzone HD.
This biotechnology company is expected to post quarterly loss of $1.42 per share in its upcoming report, which represents a year-over-year change of -156.1%. Revenues are expected to be $1.62 billion, down 51.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Moderna, the consensus EPS estimate for the quarter has been revised 10.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on MRNA going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Moderna is a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, Repligen RGEN, finished the last trading session 0.7% higher at $158.97. RGEN has returned -8.8% over the past month.
For Repligen , the consensus EPS estimate for the upcoming report has changed -19.9% over the past month to $0.19. This represents a change of -75.3% from what the company reported a year ago. Repligen currently has a Zacks Rank of #5 (Strong Sell).
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