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Biotech firm Moderna, much like competitors Pfizer and Novavax, has become a victim of its own success.
The firm rose to huge fortune and acclaim in 2021 thanks to its leading role in advancing Covid-19 vaccine technology, its share price almost doubling in the space of two months.
But the post-pandemic drop off in demand has seen the firm shed 60% of its value during the past year, raising questions as to where revenue growth is going to come from in the years to come.
In this guide, we will address these factors in determining whether Moderna stock is a smart bet in 2024, in addition to examining where and how to buy Moderna stock.
Unlike fellow industry players Pfizer and Novavax, Moderna is a relatively new participant in the pharmaceutical market, having been established in 2020. With this in mind, the firm was presented with an exceptional opportunity in 2020, gaining worldwide acclaim for its development of a COVID-19 vaccine while it was still in growth mode.
Along with Pfizer, Moderna was praised for its development of Messenger RiboNucleic (mRNA) technology, considered to be a novel approach to vaccine development. In essence, the approach uses genetics to instruct cells to product proteins that stimulate an immune response.
Beyond this, Moderna boasts a strong product pipeline, including a range of treatments for cancer.
Moderna (MRNA) Stock Price 2024
Moderna stock saw a gradual decline in 2023, losing more than half of its value since the turn of the year.
Once of the most dramatic downturns came in February, when the firm reported earnings per share of $3.61 for Q4 2022 – a 68% decrease from the same period in 2021. The figure also fell short of a projected $4.68 per share.
The firm’s share price plummeted by 8% in the week following the announcement.
Moderna shares also tumbled by 8% in November when the firm announced that 2023 sales would only hit the low end of its original $6-$8bn forecast, and again in December upon announcing that 2024 sales could miss expectations by as much as $5bn.
However, the stock has trimmed some of its losses on multiple occasions during the year, most recently on December 14 when the firm announced trial results for its new cancer vaccine. The results showed that the shot, when paired with immunotherapy drug Ketryda, cut the risk of recurrence or death from skin cancer by 49%. A 15% surge in the value of Moderna stock shortly followed.
But overall, such gains are a footnote in a year defined by value loss for Moderna.
Is Moderna (MRNA) a Good Investment in 2024?
2023 was defined by value loss for Moderna, with a sizable drop-off in Covid-19 vaccine demand driving a more than 50% downturn in returns.
And the woe could be set to continue for the biotech giant, with the firm expecting revenue to fall sharply to $4bn in 2024, versus analysts’ expectations of around $6bn. Moderna shares promptly fell 17% in response to the announcement of these figures – the largest single decrease since November 2021.
The misfortunes of Moderna’s competitors are also cause for concern for investors. Fellow Covid-19 vaccine manufacturer Pfizer, for instance, recently announced projections of $8bn for its Covid market segment in 2024 – a 90% downturn from 2022. Similarly, Novavax has recently issued a warning to shareholders, expressing “substantial doubt” around the firm’s ability to continue trading in 2024.
However, it should be noted that the majority of Moderna’s 2023 return loss occurred in the first half of the year, and that the firm managed to regain around 20% of its value in December. This was largely driven by the firm’s success in trialing its new oncology drug, with some countries potentially poised to approve the therapy in 2025.
But besides this, Moderna also boasts an exceptionally strongproduct pipeline, with several treatments thought to be in late development stages. Based on this, the firm has outlined a five-year growth plan amounting to $15bn in revenue outside of its core business.
Based on these future prospects, and with the firm’s share price still in the midst of a substantial dip, Moderna could be a smart buy in 2024.
Where to Buy Moderna (MRNA) Stock in 2024
Investors have the option to acquire Moderna stock through several online brokerage platforms, and eToro stands out as a favored choice. eToro provides investors with a user-friendly interface, low minimum deposits, and the convenience of fractional share trading, catering especially to beginners.
Additional reputable options in this domain encompass Robinhood, Webull, and Charles Schwab. These platforms are recognized for their extensive trading options, user-friendly interfaces, and commission-free structures, making them popular choices among investors.
1. eToro – Overall best platform to buy Moderna (MRNA) stock
eToro is a social trading platform that was established in 2006. The online broker is a popular option for less-experienced investors because it offers a range of educational materials as well as a market-leading copy trading feature. This allows users to copy the strategies of more experienced traders on the app.
It is possible to buy Moderna stock on eToro with fractional investing. Furthermore, users can invest in ready-made smart portfolios that contain Moderna and a basket of other pharma shares.
The minimum deposit to use eToro is $20. The platform does not charge any fees for trading US stocks and ETFs and there are no fees charged for deposits or withdrawals.
Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees.
2. Robinhood – Invest in Moderna shares commission-free
Robinhood is a well-known investment app that caters to a range of investment strategies and styles. The app can be used to build a long-term portfolio or, traders can use the platform to gain exposure to options trading and implement a more active strategy.
US stocks, such as Moderna, can be traded on the platform commission-free. Furthermore, the minimum trade amount is just $1 which makes it the ideal platform for investors who are looking to start with a small amount of capital.
3. Charles Schwab – The best platform for educational tools and expert advice
Charles Schwab is a long-standing brokerage firm that provides market-leading education and investor support to its users.
Through the platform, users can build a robust portfolio of stocks, with the guidance of professional advisors. This support is free of charge and allows less-experienced investors to learn from market experts.
There is no minimum deposit requirement to open an account and explore the different available features. Furthermore, Charles Schwab supports fractional investing which means that investors can buy Moderna stocks for just $1. Fractional investing is available for stocks in the US top 30.
4. Webull – Top trading platform for experienced traders
Webull is a trading platform that provides access to a variety of charting tools that can be used to implement an advanced trading strategy.
This includes the reputable MT4 platform which offers hundreds of indicators, price charts, risk management tools, APIs, and more. Additionally, Webull supports leverage trading for Moderna stock, which makes it an appealing option for advanced traders.
Users can practice trading risk-free with the Webull demo account. This account is available to all users and provides access to the features of the platform without the need to deposit any funds.
Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees.
Our verdict on Moderna (MRNA) Stock in 2024
The trajectory of Moderna stock in recent years has mirrored that of COVID-19 competitors Pfizer and Novavax, each seeing huge gains and losses as a result of the pandemic demand subsiding.
But in spite of a 60% decline in the past year, the firm still showed great promise, largely at the hands of trial results for its new cancer drug, forming part of an impressive pipeline.
Based on this, prospective investors could be faced with a uniquely low entry point for a high-potential stock. For those looking to build a diverse portfolio, Moderna could be an appropriate fit in 2024.
Moderna (MRNA) Stock FAQs
Does Moderna pay a dividend?
No, Novavax does not currently pay a dividend, and has no history of doing so.
Why is Moderna stock so low?
Moderna stock has faced significant headwinds in 2023 due to dwindling COVID-19 product sales, discontinued drug projects, and cautious revenue projections.
How much does it cost to buy Moderna stock?
At the time of writing in December 2023, Moderna stock sits at $91.16 per share
How to buy Moderna shares online?
Potential investors can explore various online brokers, including eToro, which is Trading Platforms’ recommended platform. These platforms offer diverse features, from social trading to commission-free structures.
Sam Alberti has recently joined Trading Platforms as a content editor, having spent the past four years working as a journalist across various financial and business niches. He graduated from the University of Kingston in 2019 with a Master’s Degree in Journalism and an NCTJ Diploma, and has since developed a passion for both consumer and corporate finance. He now specializes in producing engaging and thoroughly-researched web content on all things finance.
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