Moderna stock set to snap record losing streak after Deutsche Bank says it's time to stop selling
Shares of Moderna Inc. (mrna) bounced 4.3% in premarket trading, putting them on track to snap a record eight-day losing streak, after Deutsche Bank analyst Emmanuel Papadakis said investors can stop selling after the recent precipitous decline. The COVID-19 vaccine provider's stock has plunged 31.6% during its losing streak, which is the longest since the biotechnology company went public in December 2018, and has plummeted 68.5% since its Aug. 9, 2021 post-pandemic peak of $484.47. The S&P 500 (spx) has slipped 1.7% since Aug. 9. Papadakis raised his rating to hold, as the stock has more than halved in value since he started coverage of Moderna with a sell rating n Oct. 22, 2021, which resulted from a mixed financial update, "somewhat underwhelming" flu data and the expectation that the omicron variant will likely speed up the shift from pandemic to endemic, all at a time of rotation to value from growth in the broader stock market. He said that while he'll defer to stock market strategists on how long the rotation to value will continue, at current prices the stock valuation is "more reasonable." He trimmed his stock price target to $175 from $200, but the new target implies 14.7% upside from Tuesday's closing price of $152.54.