Analysts Identify Three Stocks with Similar Setup to Moderna's $30 Billion Surge
Moderna's stock exploded by 177% after it announced that its personalized mRNA cancer vaccine had succeeded in a Phase 3 melanoma trial. The sudden surge, which added $30 billion to the company's market value in one session, was driven in part by heavy short covering.
However, this was not the end of Moderna's wild ride. After falling 23.6% on Thursday, the stock rebounded and finished the week up over 140%.
BeInCrypto analysts examined three other US stocks to see if they shared a similar setup with Moderna: Intel (INTC), Target (TGT), and Macy's (M).
Intel's stock has quadrupled in value since last year, despite doubts from analysts. While the company's Q2 revenue grew 25.4%, its highest in 15 years, only five of 29 analysts rate it a Buy. Despite this, Intel carries relatively few short positions and an inverse head-and-shoulders pattern has formed on its chart.
Target, on the other hand, mirrors Moderna's template more closely. Its stock collapsed by 67% in 2021 but has since rebounded to $159 after a Q2 beat. While analysts remain skeptical, with only three Buy ratings out of 22, Target is positioned for further upside if it can break above $161.96.
Macy's shares also tick every box, including analyst disbelief and bearish positioning. However, its chart is the weakest of the three, and a daily close below $23.06 would weaken its thesis.