Moderna Stock Soars on Vaccine Funding

The equity is up 45.8% in the last week

Assistant Editor
Apr 17, 2020 at 1:11 PM
facebook twitter linkedin

Gilead Sciences (GILD) isn't the only one making headlines today in regards to COVID-19. Shares of Moderna Inc (NASDAQ:MRNA) are soaring, after the company received a $483 million from the Biomedical Advanced Research and Development Authority (BARDA) to accelerate the development of its coronavirus vaccine. Following the news, Piper Sandler raised its price target to $57 from $34. At last check, Moderna is up 14.4% to trade at $46.46, earlier hitting a fresh record high of $49.

MRNA stock has  been on the rise following a slew of vaccine news and announcements since the start of the pandemic.  Support from its 20-day moving average has also contributed to today's impressive bull gap, leading the way to the equity's now 138% year-to-date gain.

mrna chart april 17

Analysts are bullish coming into today, with seven out of eight analysts in coverage sporting a "strong buy" or "buy" rating, with the remaining considering a "hold." Furthermore, Moderna stock has long-since surpassed its 12-month consensus target price of $39.89.

Digging deeper, short interest has surged 17.4% in the last two reporting periods, and now makes up 23.66 million shares. This accounts for 11.9% of the stock's available float, and would take almost two days for shorts to buy back their bearish bets, at the stock's average pace of trading. 


Special Offers from Schaeffer's Trading Partners