Moderna (MRNA) Stock Rises 7.5% in a Single Day
Last week, shares of several major European and American vaccine manufacturers dropped in response to the appointment of Robert F. Kennedy Jr. as head of the Department of Health and Human Services, given his well-known anti-vaccine stance.
This added pressure to Moderna (MRNA) shares, which have been in a downtrend (illustrated by the red channel). Since the start of 2024, they have fallen by over 50%, even as the S&P 500 (US SPX 500 mini on FXOpen) has gained more than 25%.
However, during Fridays trading session, MRNA shares surged by 7.5%, making them one of the market leaders (by comparison, the S&P 500 gained approximately 0.4% on the same day).
Is MRNA Turning Bullish?
The strong buying activity may suggest that major market participants now see MRNA shares as undervalued. From their all-time high in August 2021, the stock has declined by over 90%.
According to NASDAQ data, trading volumes on 15 November were the highest in nearly two years, with 24 million shares traded, compared to the average volume of 4 million shares.
Technical analysis of MRNAs chart also indicates the formation of a bullish double-bottom pattern (marked as points 1 and 2).
It is reasonable to suggest that if major investors have decided to buy into Moderna (MRNA), the stock may be positioned to break its ongoing downtrend.
According to TipRanks:
The average 12-month price target for MRNA is $77.
6 out of 20 surveyed analysts recommend buying MRNA shares.
Read more: https://fxopen.com/blog/en/oa-moderna-mrna-stock-rises-7-5-in-a-single-day/
Text source: Forex Trading Blog
