5 Most Promising Cancer Stocks According to Analysts

4. Moderna, Inc. (NASDAQ:MRNA)

Number of Hedge Fund Holders: 52

Average Price Target Based on Analyst Ratings: 61.58%

Moderna, Inc. (NASDAQ:MRNA) is a Massachusetts-based biotechnology company that develops and commercializes messenger RNA therapeutics and vaccines for the treatment of infectious diseases, immuno-oncology, rare diseases, autoimmune, and cardiovascular diseases in the United States, Europe, and internationally. It is one of the most promising cancer stocks to buy according to analysts. The company reported a Q4 revenue of $5.1 billion, beating market estimates by $80 million. 

On February 24, SVB Securities analyst Mani Foroohar downgraded Moderna, Inc. (NASDAQ:MRNA) to Underperform from Market Perform with a $93 price target.

According to Insider Monkey’s fourth quarter database, 52 hedge funds were bullish on Moderna, Inc. (NASDAQ:MRNA), compared to 44 funds in the prior quarter. Philippe Laffont’s Coatue Management held the leading stake in the company, with 6.3 million shares worth $1.14 billion. 

ClearBridge Select Strategy made the following comment about Moderna, Inc. (NASDAQ:MRNA) in its Q4 2022 investor letter:

“Moderna, Inc. (NASDAQ:MRNA) became a household name during the pandemic as one of the first developers of a COVID-19 vaccine. But the stock sold off sharply as COVID momentum, including high expectations for booster shots, began to wear off, causing investors to slash its fiscal 2023 earnings estimates by two-thirds over the last year. We believe those downward revisions clouded the prospects for the company’s fully funded pipeline of platform opportunities, including cancer, RSV and flu. The cash-rich company also recently expanded its partnership with Merck to improve cancer treatments.”