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Why Moderna Stock Is Up By 5% Today

Moderna Stock Rallies As U.S. Is Reportedly Ready To Offer Booster Shots

Shares of Moderna gained upside momentum after The New York Times reported that U.S. will soon announce that most Americans would need a booster shot of COVID-19 vaccine following eight months after their second shot.

Shares of other vaccine makers are also rallying today. Pfizer stock managed to get to all-time high levels and is trying to settle above $50. Johnson & Johnson stock is also testing new all-time highs while BioNTech rebounds after the recent sell-off.

Moderna stock is also boosted by UK decision to authorize its vaccine for people aged 12 – 17 years, which opens a new market for the company.

What’s Next For Moderna Stock?

Moderna stock has recently made an attempt to settle above the $500 level but lost momentum and pulled back towards the $350 level. The pullback was fast and brutal, but it should be noted that Moderna shares traded below the $250 level at the beginning of July, and some profit-taking was expected after the meteoric rise of the share price.

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While the stock pulled back from highs, analyst earnings estimates have increased materially. Currently, analysts expect that Moderna will report earnings of $29.54 per share in 2021 and $23.46 per share in 2022, so the stock is trading at about 17 forward P/E.

Rising analyst estimates may provide additional support to Moderna shares in the upcoming trading sessions, and it looks that there is more room for multiple expansion as Moderna stock has returned to valuation levels below 20 forward P/E.

While the situation with coronavirus is going in the wrong direction for the world, it is clearly developing in a favorable fashion for vaccine makers. If U.S. introduces booster shots, other developed countries will likely follow, and vaccine prices may increase further due to significant competition for a limited number of vaccine shots. At this point, it looks that Moderna stock has a good chance to continue its current rebound.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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