Many Investors Wouldn't Touch This Stock With a 10-Foot Pole Last Year. Here's Why It's a Buy in 2023.
Moderna (NASDAQ: MRNA) was once a stock market champion. Shares of the biotech company soared more than 400% back in 2020 as investors bet on its ability to win the coronavirus vaccine race. But once Moderna actually produced the vaccine -- and brought in billions in earnings from it -- investors had already started worrying about one thing. And that was, "what's next for Moderna?"
Concerned about a potential drop in revenue post pandemic, many investors wouldn't touch Moderna stock with a 10-foot pole last year. The stock finished 2022 down 29%. But things may be changing for this vaccine giant. Let's check out why Moderna is a buy in the new year.
First, a bit of background on Moderna's place in the coronavirus vaccine market. Along with Pfizer, it's a market leader. The company brought in $18.5 billion in revenue in 2021 from its vaccine. And it expects $18 billion to $19 billion for the full year 2022. Over the past two years, Moderna and rivals have sold vaccines directly to governments. And contracts guaranteed them billions of dollars in revenue.
Source Fool.com
