What's Going On With Moderna Stock Thursday?

Moderna Inc MRNA shares are trading lower Thursday after the company reported worse-than-expected financial results.

Moderna reported third-quarter revenue of $3.36 billion, which missed average analyst estimates of $3.53 billion, according to Benzinga Pro. The company said its weak top-line results were mainly due to a decline in sales of its COVID-19 vaccines. 

Moderna reported quarterly earnings of $2.53 per share, which missed average analyst estimates of $3.29 per share. 

"Today's earnings continue to show strong corporate momentum. With $13.6 billion in product sales through the first three quarters of the year, and advance purchase agreements for anticipated delivery this year now expected to produce around $18 to $19 billion of product sales, we continue to have a strong financial position as we prepare for multiple upcoming global product launches," said Stéphane Bancel, CEO of Moderna. 

Confirmed advanced purchase agreements for 2023 represent $4.5 billion to $5.5 billion in anticipated product sales. 

Moderna said its $3 billion share repurchase program announced in February was completed early in the fourth quarter. The company has commenced repurchases from the additional $3 billion program announced in August.

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MRNA Price Action: Moderna has a 52-week high of $249.42 and a 52-week low of $115.03.

The stock was down 7.61% Thursday morning, according to Benzinga Pro.

Photo: Marco Verch from Flickr.