Biotech stocks surged: Moderna (MRNA Stock), BioNTech (BNTX Stock), Novavax (NVAX Stock)
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFERThe biotech industry has always had a high potential to grow, but the pandemic has boosted this sector even more and as a result, attracted many new investors especially vaccine producers. Let’s go through the top stocks of the biotech industry.
Moderna
Moderna surged on the announcement that its Covid-19 vaccine was granted provisional registration by Australia's administration. Moderna is planning to supply as many as 25 million doses of its vaccine to the Australian government by 2022.
However, this company has a unique feature. It has joined one of the most credible stock indexes in the US – the S&P 500 index. It helped the stock to rise even more!
Moderna has almost reached the psychological mark of $500.00, but as it often happens, it has failed to cross such an important level on the first try. We can expect that sooner or later, it will break this resistance level and rally up further to the next round number of $550.00. Support levels are $400 and $350.00.
Pfizer and BioNTech
BioNTech and Pfizer have recently published better than expected earnings results for the second quarter. The companies claimed they can produce up to 3 billion Covid-19 vaccines this year, with capacity increasing to 4 billion doses in 2022. Pfizer is getting closer to the $50.00 level, while BioNTech has reversed down from $463.00.
Novavax
Meanwhile, Novavax has gained from Barron’s article. It was written that the New York State Common Retirement Fund, the third-largest public pension in the US, has increased its stake in Novavax and other vaccine stocks. However, the vaccine maker claimed that it would delay submission of its Covid-19 vaccine to the Food and Drug Administration for emergency use authorization until the fourth quarter.
The breakout above the $240.00 resistance level will push the stock up to the high of April 27 at $260.00. After that, the stock price may jump to an all-time high near $320.00. Support levels are the 100- and 200-day moving averages of $190.00 and $170.00, respectively.
The biotech industry has always had a high potential to grow, but the pandemic has boosted this sector even more and as a result, attracted many new investors especially vaccine producers. Let’s go through the top stocks of the biotech industry.
Moderna
Moderna surged on the announcement that its Covid-19 vaccine was granted provisional registration by Australia's administration. Moderna is planning to supply as many as 25 million doses of its vaccine to the Australian government by 2022.
However, this company has a unique feature. It has joined one of the most credible stock indexes in the US – the S&P 500 index. It helped the stock to rise even more!
Moderna has almost reached the psychological mark of $500.00, but as it often happens, it has failed to cross such an important level on the first try. We can expect that sooner or later, it will break this resistance level and rally up further to the next round number of $550.00. Support levels are $400 and $350.00.
Pfizer and BioNTech
BioNTech and Pfizer have recently published better than expected earnings results for the second quarter. The companies claimed they can produce up to 3 billion Covid-19 vaccines this year, with capacity increasing to 4 billion doses in 2022. Pfizer is getting closer to the $50.00 level, while BioNTech has reversed down from $463.00.
Novavax
Meanwhile, Novavax has gained from Barron’s article. It was written that the New York State Common Retirement Fund, the third-largest public pension in the US, has increased its stake in Novavax and other vaccine stocks. However, the vaccine maker claimed that it would delay submission of its Covid-19 vaccine to the Food and Drug Administration for emergency use authorization until the fourth quarter.
The breakout above the $240.00 resistance level will push the stock up to the high of April 27 at $260.00. After that, the stock price may jump to an all-time high near $320.00. Support levels are the 100- and 200-day moving averages of $190.00 and $170.00, respectively.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.