$MRNA $MRK
Today was the first sign that the market is starting to see Moderna for what it is: not a defensive stock or an established Big Pharma company generating substantial, sustainable profits, but a biotech currently losing around $2 billion a year. It’s in the same league as $SLS and $VKTX, both down about 10%, not Eli Lilly or Merck, which were up today.
I’m still waiting for Moderna’s own valuation correction. It’s difficult to justify its current valuation when compared not with its financial performance and profitability, but also it's pipeline and how hard and expense it is to cure cancer.
The next two weeks, with next 10 years of valuation expectations baked-in, major “sell the news” catalysts potentially triggering a long-overdue correction.
#mindthevaluation