Investors who bought stocks during the COVID-19 market crash in 2020 have generally experienced some big gains in the past two years. But there is no question some big-name stocks performed better than others since the pandemic bottom.
Moderna's Big Run: One company that has been a great investment in the past two years has been biotech stock Moderna Inc (NASDAQ:MRNA).
Almost all the headlines about Moderna in the past two years have been about the company’s COVID-19 vaccine. Moderna began working on a vaccine candidate in March 2020, and its mRNA-1273 candidate demonstrated a 94% efficacy rate in November. Following the positive trial data, regulators gave Moderna the green light to distribute its vaccine in the U.S. and around the world.
In the future, Moderna could continue to benefit from regular booster shots and additional COVID-19 variants.
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At the beginning of 2020, Moderna shares were trading at around $19.50. On Feb 3, 2020, the U.S. officially declared a public health emergency from COVID-19. A couple of weeks later, Moderna shares dropped as low as $17.91 before investors realized the massive opportunity the pandemic could create for the company.
By the beginning of March, the stock was trading at $27 as news of the coronavirus spreading in China prompted concerns about a U.S. pandemic.
When the market crashed during the U.S. pandemic outbreak in March, Moderna shares understandably soared along with a handful of other companies that began working on developing vaccines to fight COVID-19. In fact, Moderna shares hit an all-time high of $56.38 in April before pulling back below $50 to finish out the month.
By July, Moderna shares were back up to $95.21 on vaccine optimism and positive initial research developments. However, the stock stalled there while Moderna and other competitors raced to win the vaccine testing and approval race.
Moderna shares jumped to $178.50 on massive volume in November 2020 when the company announced its COVID-19 vaccine was more than 94% effective in late-stage trials.
Moderna In 2022, Beyond: The FDA officially authorized the vaccine for distribution in December 2020, and Moderna stock was off to the races. Shares eventually peaked at $497.49 in August 2021 before pulling all the way back to $157.74 today.
Still, investors who bought Moderna on the day it hit its 2020 pandemic low and held on have generated a huge overall return on their investment. In fact, $1,000 in Moderna stock bought on Feb. 21, 2020, would be worth about $8,689 today.
Looking ahead, analysts are expecting Moderna's stock to continue to gain ground in the next 12 months. The average price target among the 15 analysts covering the stock is $217, suggesting a 37% upside from current levels.
