Benzinga - by Surbhi Jain, .
Moderna Inc (NASDAQ:MRNA) stock closed lower by 2.32% on Wednesday, as news around Arbutus Biopharma (NASDAQ:ABUS) impacted investor sentiment. Arbutus has received permission to pursue its patent infringement complaint against Moderna. The claim involves the messenger-RNA technology used in Moderna’s Covid vaccine.
Moderna stock has declined by 36.54% over the past year. The past month has seen some recovery in the stock price, which is up 7.6%.
While a quick downturn in Moderna stock was expected, perspectives vary among investors. Some view the dip as a chance to buy in at a lower price or average their holdings, while others, more cautious, prefer to stay on the sidelines.
2024 Calling Out To New Vaccine Launches
Despite the uncertainty surrounding Moderna’s financial outlook, the company maintains a solid cash reserve and continues to invest significantly in R&D to explore new business opportunities. Nonetheless, the company’s performance in 2024 could be marked by volatility, compounded by its reliance on the COVID-19 vaccine as its sole product for customers.
To navigate through 2024-2025 successfully, Moderna may have to introduce its RSV, next-gen COVID, flu, and flu/COVID vaccines.
While the fundamental picture looks hazy, the technicals offer hope.
Is Moderna Stock Nearing A Golden Cross?
Chart: Benzinga Pro
In a significant market development, Moderna’s stock apears as though it might be heading towards a Golden Cross, a bullish technical indicator. A Golden Cross signifies the crossing of the stock’s 50-day simple moving average (SMA) over its 200-day SMA.
Such a development on the charts, if it were to occur, hints at potential upward momentum and positive sentiment among investors.
A Golden Cross formation would mean growing confidence in Moderna’s prospects, particularly as the company continues to innovate in the field of biotechnology, with a focus on developing groundbreaking vaccines and therapeutics. Investors are likely to interpret it as a bullish signal, potentially leading to further appreciation of Moderna’s stock value.
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