Moderna's long trip back to Square One
You may recall Moderna Therapeutics, the erstwhile unicorn that pulled off biotech's largest ever IPO and then, to the apparent delight of many Twitter users, promptly saw its share price dive.
The intervening weeks have been choppy, and the cases for or against Moderna's multibillion-dollar valuation haven't meaningfully changed. But the company has scratched its way back to that $23-a-share starting place.
Back when things weren’t so cheery in share-price terms, Moderna’s managers were fond of reminding the market that developing drugs — especially a whole new class of them — is more marathon than sprint. That was true, and it remains so, which is to say that it’s entirely possible Moderna will see $14 once more before the year is out, but at least its IPO buyers aren’t currently underwater.
The intervening weeks have been choppy, and the cases for or against Moderna's multibillion-dollar valuation haven't meaningfully changed. But the company has scratched its way back to that $23-a-share starting place.
Back when things weren’t so cheery in share-price terms, Moderna’s managers were fond of reminding the market that developing drugs — especially a whole new class of them — is more marathon than sprint. That was true, and it remains so, which is to say that it’s entirely possible Moderna will see $14 once more before the year is out, but at least its IPO buyers aren’t currently underwater.
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