5 Stocks Reddit is Piling Into Before Earnings

3. Moderna, Inc. (NASDAQ: MRNA)

Number of Hedge Fund Holders: 39
Expected Earnings Date: August 5 (Before Market Open)

Moderna, Inc. (NASDAQ: MRNA) is a Cambridge-based biotechnology company that concentrates on the development of therapies and vaccines based on messenger RNA. It is placed third on our list of 10 stocks Reddit is piling into before earnings. The company will unveil earnings for the second quarter before the opening of the market on August 5. On August 3, the share price of the firm jumped close to 12% after it announced it had obtained regulatory approval for mRNA-1345, a drug for treating respiratory syncytial virus.

On July 15, investment advisory Jefferies kept a Hold rating on Moderna, Inc. (NASDAQ: MRNA) stock but raised the price target to $250 from $170, backing the firm to beat market expectations for earnings in the second quarter. 

At the end of the first quarter of 2021, 39 hedge funds in the database of Insider Monkey held stakes worth $1.6 billion in Moderna, Inc. (NASDAQ: MRNA), down from 41 in the preceding quarter worth $1.4 billion. 

In its Q2 2021 investor letter, Baillie Gifford, an asset management firm, highlighted a few stocks and Moderna, Inc. (NASDAQ: MRNA) was one of them. Here is what the fund said:

“Among the top contributors to Fund performance in the second quarter was Moderna. Moderna has just reported its first profitable quarter in the company’s history – net income for the most recent quarter was $1.2 billion. It reported revenue of $1.9 billion, an impressive increase compared to $8 million a year ago, driven by the sales of its Covid-19 vaccine. Moderna is expecting to deliver up to 1 billion vaccine doses in 2021 and is in discussions to increase global supply to governments around the world. Our long-term focus remains on the transformational potential of Moderna’s technology and its ability to address different diseases.”