- Moderna shares suffer more falls on Wednesday as the negative trend persists.
- MRNA hit by regulatory bodies in France and Germany preferring Pfizer/BioNTech vaccine.
- Moderna has weak results and antiviral pill news hitting the stock further.
Moderna suffered yet again on Wednesday as the fallout from multiple headwinds continues to see trouble ahead for the MRNA share price. The stock has had some steep falls with last Friday seeing it lose nearly 18% and gap lower. Now all the stock has done is consolidate those losses, and that to us makes it look like more of the same, or technically speaking a continuation pattern.
Moderna (MRNA) stock news
So why the recent fall, and can this be turned around? Moderna was one of the best performing stocks in 2021, and despite the steep falls seen recently it still is. We have to remember that this stock has been stellar. Even now MRNA shares are still up 119% for 2021 despite being down 40% in the last three months. Moderna was flying on the back of the global rollout of MRNA vaccines from itself and Pfizer (PFE)/BioNTech (BNTX). However, the stock ran into some trouble after recent earnings on November 4. EPS and revenue both missed, and the stock suffered.
While this was negative, it was perhaps news of alternative antiviral treatments in development from both Pfizer and Merck (MRK) that have been the main catalyst for the share price fall in Moderna. Merck has pre-orders for its antiviral pill from the UK and US, and the UK has already approved it for use. Pfizer then released data last week on its own antiviral pill, which look very promising. Antiviral pills are given after catching covid and aim to prevent hospitalization and death. This week saw both France and German health authorities say they prefer Pfizer/BioNTech vaccines to be used in those under 30 if available over the Moderna vaccines.
Moderna (MRNA) stock forecast
Breaking the 200-day moving average is never a good sign and puts MRNA stock strongly bearish across all time frames now. This area from $253 to $265 is now strong resistance, because in addition to the 200-day moving average at $253, the yearly VWAP is at $265. We still stick to our $188 interim target and $157 as a strong support zone where a long can be tried.
MRNA 1-day chart
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.