JP Morgan analysts downgraded the shares of Moderna Inc. MRNA,
Neutral because of overweight by concerns about the valuation of the preclinical company, which has never produced an approved product. Moderna is developing a candidate for the COVID-19 vaccine that is widely considered to be one of the leading candidates to bring a vaccine to market; It was the first company to share data on how its experimental vaccine performed in a phase 1 clinical trial. The company’s shares, which rose 2.5% in pre-market trade on Monday, have soared 384, 9% since the beginning of the year. The S&P 500 SPX,
in comparison, it is down 0.2% on the year. “This stock movement itself is not entirely surprising given the rapid execution of mRNA-1273, the widespread widespread interest of investors in this program, and the obvious unmet need / opportunity for a COVID-19 vaccine,” they wrote in a note monday. “That said, at these levels we are having a hard time justifying further increases given the uncertainty of the duration / characteristics of the COVID-19 pandemic.”
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