Moderna Has Admirers. Still, the Stock Gets Hit With Downgrades.

Moderna’s vaccine against Covid-19 will vault revenue above $20 billion this year, up from less than $1 billion in 2020. The messenger-RNA technology used by the biotech couldn’t have come of age at a better time.

Investors have rewarded Moderna by quadrupling its stock price this year, to a high of $444 after the company delivered better-than-expected earnings. That nearly $180 billion market capitalization makes Moderna the highest-valued biotech anywhere.

So…

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