Moderna (MRNA) shares have rallied more than 350% since the first week of January 2021 and surging nearly 600% year over year. More recently, the stock pulled back 30% from its all-time high to form a 16 day base. Tuesday’s rally has set the course for a retest of $497.49.
“We continue to see COVID-19 revenues declining over time, but we do not see that starting to happen until 2023/2024 versus our prior estimate of 2022,” – Morgan Stanley Research
Moderna Breakout on Surging Sales
MRNA has rallied nearly 18% over the past five trading days, breaking above its recent pivot highs in the process. The stock’s RS line surged to 99 after Morgan Stanley analyst Matthew Harrison added to his recent price target adjustments, on an increased outlook for the biotechnology company’s COVID-19 vaccine sales (left panel). Click to enlarge chart.
We are anticipating further progress this week and possibly a retest of the 497 (+/-) zone. We currently have Moderna shares and will reassess our long position as the stock rallies.
Growth Stocks Rallied on Tuesday
Tuesday was active as growth stocks led the Nasdaq out of an early slump. Moderna (MRNA) gained nearly 5%, while shares of Facebook (FB) rose over 1.5%. Netflix (NFLX) tacked on nearly 3% and traded above a $593.39 buy point.
Upstart (UPST) gained more than 6%.
(AAPL) rose 1.55% to 156.69, hitting a new high. Management reiterated it’s scheduled product launch event on Sept. 14, with the new versions of the iPhone 13 and Apple Watch expected to be unveiled.
Tesla (TSLA) also had a good day, breaking above a four-day consolidation..
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Happy Trading,
Vinny
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