Tang Capital Management LLC has recently acquired a new stake in Moderna, Inc. (NASDAQ:MRNA), according to disclosures with the Securities and Exchange Commission. The firm purchased 300,000 shares valued at about $12.47 million, representing approximately 0.08% ownership in the company at the end of the last quarter.
Other hedge funds have also made significant adjustments to their holdings in Moderna. For instance, Wilmington Savings Fund Society FSB increased its holdings by 295%, purchasing an additional 587 shares to own a total of 786 shares worth $33,000. Similarly, Venturi Wealth Management LLC raised its stake by 286.2%, leading to ownership of 896 shares valued at $37,000. Several other firms, including Itau Unibanco Holding S.A., have also added new positions in the company.
As of now, institutional investors, including hedge funds, own approximately 75.33% of Moderna’s outstanding stock. Analysts have mixed opinions on the stock, with several recent downgrades impacting its pricing forecasts. For example, JPMorgan Chase & Co. lowered their price target for Moderna from $40 to $33, and Goldman Sachs downgraded from “buy” to “neutral,” adjusting their price target from $99 to $51. Despite this, Moderna has seen fluctuations in its stock price, recently opening at $24.86 and experiencing a 5.1% increase in value.
In its last earnings report, Moderna indicated that it earned ($2.52) per share, exceeding analyst expectations of ($2.92). However, its revenue of $108 million was down 35.3% from the previous year, highlighting challenges the company is facing amidst a competitive pharmaceutical landscape.
Moderna continues to focus on developing mRNA therapeutics and vaccines, which include products for infectious diseases and various health conditions. Despite some analyst skepticism, the firm is poised to adapt as it navigates the evolving biotech market.
This environment fosters hope for potential rebounds as companies like Moderna innovate and respond to health needs globally. With sustained interest from hedge funds, there is room for optimistic growth as the company continues its research and development efforts.