Moderna Sets R&D Day For Sept. 9: Can Event Kickstart Sagging Stock?

Moderna, Inc. MRNA shares are about 18% off the recent high of $497.49 hit on Aug. 10.

The Rally That Petered Out: Moderna stock took a leg up in early August just ahead of the release of the company's quarterly results. After breaking above $400 Aug. 4, a day ahead of the release, the stock continued to push higher, culminating in the Aug. 10 peak.

At the peak, the stock's valuation briefly crossed the $200-billion mark.

Since hitting the peak, the stock has ailed amid worries that COVID-19 vaccine revenue may not justify its bloated valuation, especially because the rest of Modern's pipeline may not come to fruition in the near term.

Moderna Picks Up Momentum: Moderna's shares began gathering some momentum this week following the FDA granting full approval for a rival vaccine developed by Pfizer, Inc. PFE and BioNTech SE BNTX.

The stock is heading higher Wednesday after the Cambridge, Massachusetts-based company announced it has completed submissions for the rolling review of the biologic license application for its COVID-19 vaccine.

The company initiated the rolling review in early June. An approval could come any time after the Labor Day, going by the time it took the FDA took to review and announce its verdict on Pfizer-BioNTech's vaccine.

Related Link: Attention Biotech Investors: Mark Your Calendar For August PDUFA Dates

R&D Day A Catalyst? Moderna announced Tuesday after the close it will host its fifth annual virtual R&D Day for analysts and investors at 8:30 a.m. on Sept. 9. 

The event will feature presentations from Stéphane Bancel, CEO of Moderna, Paul Burton, chief medical officer, Stephen Hoge, president, clinical team leaders and key opinion leaders with a focus on its clinical development pipeline.

The R&D day is unlikely to move the stock appreciably given that all but one of Moderna's pipeline candidates are in either preclinical or early stage clinical trials.

The stock, however, could see a run up ahead of the R&D event and in anticipation of full vaccine approval coming through.

MRNA Price Action: At last check, Moderna shares were up 1.66% at $401.50.