Anyone who invested $10,000 in Moderna (NASDAQ: MRNA) at the beginning of 2020 and didn’t sell saw that investment climb to more than $59,000 as of today, a 490% gain. But that number hides an important lesson: Reviewing the information that existed, and when it was available, can help explain those profits, and how they might be achievable again in the future.
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In December 2018, Moderna went public at a valuation of $7.5 billion in what was the largest biotech IPO in history. The company had only one program in phase 2 trials, and many of its drugs were vaccines, considered less desirable by investors because of low profit margins.
