Moderna $MRNA Stock Propped Up By $3 Billion Buyback

MRNA stock rose 8% on February 24, 2022, after the company announced it would buy $3 billion worth of its own stock in a bid to hold it up.

Moderna announces new $3B share repurchase plan

The Board of Directors has authorized a new share repurchase program for $3B to return excess capital to shareholders. The previous program of $1B announced in August 2021 has been fully utilized as of the end of January 2022.

Moderna Reports Fourth Quarter and Fiscal Year 2021 Financial Results and Provides Business Updates

On February 24, 2022, Moderna, Inc. (NASDAQ:MRNA), a biotechnology company pioneering messenger RNA (mRNA) therapeutics and vaccines, reported financial results and provided business updates for the fourth quarter of fiscal year 2021. Moderna reported Q4 GAAP EPS of $11.29 versus the consensus estimate of $9.90. The company reported Q4 revenue of $7.2B versus the consensus estimate of $6.79B.

“Spikevax is now approved in more than 70 countries around the world protecting hundreds of millions of people and real-world evidence from multiple independent studies has confirmed its strong effectiveness,” said Stéphane Bancel, Chief Executive Officer of Moderna. “In 2021, we delivered 807 million doses with approximately 25% of those doses going to low- and middle-income countries, and we will continue to scale in 2022 to help end the COVID-19 pandemic. Moderna has experienced exponential growth and we have more than doubled the size of our team over the last year with a global team of 3,000. We also have announced plans to scale to 21 commercial subsidiaries across the world, including four new locations in Asia and six new locations in Europe. We continue to expand and advance our industry-leading mRNA pipeline with 44 programs in development. We look forward to clinical readouts from our therapeutics development candidates later in 2022 in rare genetic diseases and oncology. We are entering 2022 with a remarkable team and strategic priorities to continue advancing mRNA vaccines and therapeutics to impact human health.”

📺 Moderna’s story is what’s the encore to Covid-19, says Bank of America’s Geoff Meacham

Moderna's story is what's the encore to Covid-19, says Bank of America's Geoff Meacham

📉 MRNA Stock Technical Analysis

The short-term trend is negative, as is the long-term trend. MRNA is an average performer in the Biotechnology industry, it outperforms 69% of 640 stocks in the same industry. MRNA is currently trading near the lower end of its 52-week range, which is not a good sign. MRNA is lagging the S&P500 Index which is trading in the middle of its 52-week range.

There is a support zone ranging from 135.72 to 135.74. This zone is formed by a combination of multiple trend lines in multiple time frames.

There is resistance at 258.09 from a trend line in the daily time frame.

Although the technical rating is bad, MRNA does present a nice setup opportunity. MRNA stock has a Setup Rating of 5 out of 10. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. Click here to sign up for email alerts on when MRNA stock consolidates and has a Setup Rating of 8 or higher.

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