Chevy Chase Trust Holdings LLC, a prominent institutional investor, has recently reduced its holdings in Moderna, Inc. (NASDAQ: MRNA) by 1.8% during the second quarter of this year. According to the company’s most recent filing with the Securities and Exchange Commission (SEC), Chevy Chase Trust Holdings LLC sold 3,399 shares, resulting in ownership of 188,950 shares of Moderna’s stock at the end of the quarter. The value of these holdings was estimated to be $22,957,000.
Moderna, a biotechnology company that specializes in developing mRNA-based therapeutics and vaccines, reported its earnings results for the second quarter on Thursday, August 3rd. The company posted an EPS (earnings per share) of ($3.62), surpassing the consensus estimate of ($3.84) by $0.22. In terms of revenue for the same quarter, Moderna generated $344.00 million compared to analysts’ consensus estimate of $307.67 million.
Despite recording a net margin of 11.33% and a return on equity of 6.62%, Moderna witnessed a significant decline in revenue during this period, showing a decrease of 92.8% from the previous year’s corresponding quarter. In comparison, the company had previously posted an impressive $5.24 earnings per share during the same period in the previous year.
Financial analysts forecast that Moderna will incur a negative EPS (earnings per share) amounting to -4.32 for the current fiscal year.
Various research firms have recently provided reports on MRNA’s performance and prospects. Morgan Stanley lowered their price target from $128 to $123 and assigned an “equal weight” rating on Moderna’s stock in their report released on August 4th. TD Cowen also downgraded their rating for Moderna from “outperform” to “market perform” and reduced the price target from $145 to $125 on the same day. Royal Bank of Canada followed suit, lowering their price target from $200 to $190 while maintaining an “outperform” rating on Moderna’s stock.
On June 26th, 51job reiterated an “upgrade” rating on Moderna’s shares in their report. Finally, Argus downgraded their price target from $160 to $140 but still maintained a “buy” rating on Moderna’s stock in a report released on September 13th.
Data compiled by Bloomberg shows that out of all the research analysts covering Moderna, three have issued a sell rating, nine have assigned a hold rating, while six have provided a buy rating for the company’s stock. As of now, Moderna has an average consensus rating of “Hold,” with an average price target estimated at $155.52.
Overall, these recent developments and analysts’ assessments indicate that there are mixed opinions regarding Moderna’s performance and future prospects. The reduction in holdings by Chevy Chase Trust Holdings LLC further adds to the ongoing discussions surrounding the new era of biotechnology companies and their financial viability within the industry. Investors and industry observers will be keeping a close eye on any further developments or announcements from Moderna as it progresses towards its goals in mRNA-based therapeutics and vaccines.
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Institutional Investments and Insider Transactions Show Confidence in Moderna Inc.’s Growth Potential
On October 8, 2023, various hedge funds and institutional investors made significant changes to their positions in Moderna Inc. (MRNA), a leading biotechnology company focused on developing innovative mRNA therapeutics and vaccines. These changes were reported through the SEC filings and shed light on the shifting landscape of MRNA stock ownership.
RB Capital Management LLC, for instance, raised its holdings in Moderna by 7.5% during the first quarter of this year. The firm now owns 2,267 shares worth $391,000 after purchasing an additional 158 shares. Similarly, Synovus Financial Corp increased its holdings in Moderna by 8.0% during the same period, accumulating 4,049 shares valued at $704,000 after acquiring an additional 300 shares.
Joining the list of notable institutions is Dimensional Fund Advisors LP, which saw a 5.1% rise in its stake with an addition of 47,755 shares amounting to $170,121,000 in value. Furthermore, Blair William & Co. IL increased their holdings by 12.4%, owning 15,611 shares worth $2,689,000 after purchasing an additional 1,724 units.
Sei Investments Co., on the other hand, boosted its MRNA stock position significantly with a staggering increase of 41.4%. The firm now owns a total of 58,160 shares valued at $10,019,000 after acquiring an additional 17,031 units.
These institutional investments highlight the confidence these financial entities have in Moderna’s potential for growth and success in the biotechnology industry.
Additionally noteworthy are recent insider transactions involving significant figures within Moderna Inc. President Stephen Hoge sold a total of 15,000 company shares on July 17th at an average price of $120.60 per share amounting to a substantial transaction value of $1,809,000. Following the sale, Hoge now directly holds 1,602,303 shares valued around $193,237,741.
Director Noubar Afeyan also made a notable stock sale on August 16th when he sold 10,000 MRNA shares at an average price of $97.56 each. This transaction totaled $975,600 in value, leaving Afeyan with a remaining stake of 2,027,209 shares worth approximately $197,774,510.
These insider transactions signify the confidence of those closely involved in Moderna’s operations and decision-making process regarding its future growth prospects.
Analyzing the company’s financial statistics further reveals that MRNA opened at $103.88 on October 8th with a market capitalization of $39.54 billion. Its debt-to-equity ratio stands at an impressive 0.05 while maintaining a quick ratio of 3.16 and current ratio of 3.39.
Despite these figures indicating robust fiscal strength for Moderna Inc., the company’s stock has experienced some volatility in recent months. MRNA’s PE ratio currently stands at 38.33 with a beta of 1.65 — figures indicative of market expectations and risk factors related to the biotechnology sector.
The company has witnessed significant fluctuations over the past year as well with its lowest point during the period recorded at $95.02 per share and its highest marked at $217.25 per share.
At present, Moderna Inc.’s stock is trading slightly below its average moving averages with a 50-day moving average price of $106.63 and a 200-day moving average price of $123.47.
As investors continue to navigate the complexities and uncertainties within the biotechnology industry, tracking institutional investment patterns and insider transactions can provide valuable insights into a company’s growth trajectory and potential profitability.
