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We recently published a list of These 10 Firms Just Beat the Market Today. In this article, we are going to take a look at where Moderna, Inc. (NASDAQ:MRNA) stands against other stocks that skyrocketed today.
Ten companies boasted whopping gains on Tuesday despite a wider market pessimism, as a flurry of corporate developments, including impressive earnings and bullish outlooks, sparked buying appetite.
In contrast, Wall Street’s main indices all finished in the red territory. The Dow Jones was down by 0.27 percent, the S&P 500 dropped 0.39 percent, and the tech-heavy Nasdaq declined 0.38 percent.
In this article, we named the 10 best-performing stocks during the trading session and detailed the reasons behind their gains. To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.
A scientist surrounded by vials and beakers in a modern laboratory, proudly displaying a vaccine.
Moderna, Inc. (NASDAQ:MRNA)
Moderna extended its winning streak for a third straight day on Tuesday, adding 6.06 percent to close at $27.99 apiece, following the Trump administration’s issuance of new guidelines for COVID-19 shots.
According to the Food and Drug Administration (FDA), they would continue to use a streamlined approach to make COVID-19 boosters available to adults aged 65 and older, as well as children and adults with at least one high-risk health problem.
Despite the limited use, the news provided a boost to vaccine makers, including Moderna, Inc. (NASDAQ:MRNA), which was among the companies that found success with its COVID-19 shots, as it meant that it could continue to sell vaccines to high-risk groups.
In other news, Moderna, Inc. (NASDAQ:MRNA) narrowed its net loss in the first quarter of the year by 17.4 percent to $971 million from the $1.17 billion in the same period last year.
Revenues declined by 35 percent to $108 million from $167 million in the same period last year due to lower vaccination rates, coupled with the continued normalization of COVID into a seasonal commercial market.
Looking ahead, Moderna, Inc. (NASDAQ:MRNA) said that it is targeting to book revenues between $1.5 billion and $2.5 billion.
Overall, MRNA ranks 10th on our list of today's best-performing stocks. While we acknowledge the potential of MRNA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MRNA and that has 100x upside potential, check out our report about this cheapest AI stock.