Moderna Applies for Full FDA Approval for Covid-19 Vaccine

The approval process could take months, though

Digital Content Manager
Jun 1, 2021 at 10:30 AM
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Moderna Inc (NASDAQ:MRNA) is making headlines yet again today, this time after the biotech name said it has applied for full approval for its Covid-19 vaccine, mRNA, from the U.S. Food and Drug Administration (FDA). This would give the company the ability to market its vaccine, which is currently only authorized for emergency use, directly to consumers. The approval process will likely take several months, which could be weighing on investor enthusiasm, as the stock was last seen 0.8% lower to trade at $183.62. 

When we last checked in with MRNA, the equity was attempting to topple the $189 level, which is home to its Feb. 8 record peak, as well as another run up in early May. It looks like the stock stopped just short of this level, however, after stringing together five-straight daily wins. The equity is now up 196.2% year-over-year. 

Despite this recent performance, sentiment surrounding MRNA has remained split. Of the 14 analysts in coverage, six say "strong buy," six say "hold," and two call the stock a "sell" or worse. Plus, the 12-month consensus price target of $178.33 is a slight 2.8% discount to current levels. 

Option traders have been a bit more bullish. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), MRNA sports a 10-day call/put volume ratio of 2.27, which stands higher than 75% of readings from the past year, suggesting these traders have been coming around to long calls of late. 



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