Home Health News J.P. Morgan downgrades Moderna over valuation concerns – MarketWatch

J.P. Morgan downgrades Moderna over valuation concerns – MarketWatch

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Analysts at J.P. Morgan downgraded shares of Moderna Inc.
MRNA,
-12.83%

to neutral from overweight over concerns about the valuation of the preclinical company, which has never produced an approved product. Moderna is developing a COVID-19 vaccine candidate that is widely considered one of the frontrunners to bring a vaccine to market; it was the first company to share data about how its experimental vaccine performed in a Phase 1 clinical trial. The company’s shares, which were up 2.5% in premarket trading on Monday, have soared 384.9% since the start of the year. The S&P 500
SPX,
+0.84%
,
in comparison, is down 0.2% for the year.
“This stock move itself isn’t entirely surprising given the rapid execution on mRNA-1273, the tremendous widespread investor interest on this program, and the obvious unmet need/opportunity for a COVID-19 vaccine,” they wrote in a note Monday. “That said, at these levels we are having difficulty justifying more upside given the uncertainty of the duration/characteristics of the COVID-19 pandemic.”

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