Why This Investor Just Compared Moderna To Amazon, Sees 500% Upside

Short Hills Capital's Steve Weiss shared Monday on CNBC's "Fast Money Halftime Report" that he is adding to his Moderna Inc MRNA stock position.

Moderna is trading higher on a few different pieces of news including the company's approval in Australia, comments from Dr. Anthony Fauci and BioNtech SE's BNTX financial results, Weiss told CNBC. 

Moderna announced today that its COVID-19 vaccine was granted provisional registration by the Australian Therapeutic Goods Administration.

Many vaccine makers are trading higher after Fauci said he is hopeful that COVID-19 vaccines will receive full FDA approval sometime this month.

BioNTech reported quarterly earnings of $12.97 per share, which beat the estimate of $8.91 per share. The company reported quarterly revenue of $6.39 billion, which beat the estimate of $3.84 billion. 

Even after Moderna's strong move to the upside this year, it's still the least expensive stock in Weiss's portfolio on both current and future earnings, he told CNBC.

Weiss told CNBC that he thinks Moderna's stock can go up another 500% from its current levels and trade such as Amazon.com, Inc. AMZN "because it's a technology company not a biotech."

Related Link: Benzinga's Bulls And Bears Of The Week: Amazon, Robinhood, Moderna, Tesla And More

Price Action: Moderna is making a new 52-week high in trading today.

At last check Monday, the stock was up 16.84% at $483.61.

Photo by Michal Jarmoluk from Pixabay.