We recently published a list of 10 Firms End 2024 Stronger With Impressive Gains. In this article, we are going to take a look at where Moderna Inc. (NASDAQ:MRNA) stands against other firms end 2024 stronger with impressive gains.
A lackluster trading persisted throughout the last day of the year, with Wall Street’s main indices ending the day mixed.
The Dow Jones Industrial Average dipped by 0.07 percent, the S&P 500 shed 0.43 percent, and the Nasdaq Composite declined by 0.90 percent. Meanwhile, NYSE Composite inched up by 0.10 percent and S&P Composite rose by 0.44 percent.
Despite the lack of catalysts to spark trading, 10 companies–predominantly in the biopharmaceuticals sector–posted impressive gains. Let’s explore the reasons behind their outstanding performance.
To come up with Monday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A scientist surrounded by vials and beakers in a modern laboratory, proudly displaying a vaccine.
Moderna Inc. (NASDAQ:MRNA)
Shares of Moderna (NASDAQ:MRNA) closed the year on a strong note, rallying by 5.59 percent at $41.58 apiece as investors resorted to bargain-hunting after analysts regarded the company’s valuation as “too cheap.”
Year-to-date price, however, marked a 63.04-percent nosedive from the $41.58 booked on January 2, 2024, as the company continued to face a slew of challenges with the continuous lower demand for Covid-19 vaccines.
Earlier last year, the vaccine maker announced plans to slash its research and development budget to conserve cash for product launches, but after a year of consistent stock price decline, analysts remained skeptical.
In other news, the company announced strengthening its partnership with Merck to purchase $50 million of Personalis common stock, which covers a multi-year extension with Moderna (MRNA) to utilize Personalis’ ImmunoID NeXT Platform and technology for V940/mRNA-4157, an investigational individualized neoantigen therapy that both firms are developing.
Overall, MRNA ranks 5th on our list of firms end 2024 stronger with impressive gains. While we acknowledge the potential of MRNA as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than MRNA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.