This Former Meme Stock, Down 93%, is a High-Upside Buy Right Now

Shares of Moderna (NASDAQ:MRNA) have been long forgotten about since its demand for COVID shots fell off a cliff more than three years ago. Indeed, if you axed Moderna off your watchlist after the reopening from the pandemic, you’re not alone. The COVID vaccine business probably isn’t coming back.

Though the firm is best known for COVID vaccines, it’s the mRNA technology pipeline that should be the star of the show. Indeed, mRNA vaccines are packed with potential, but with a lack of blockbuster hits to move the needle higher on the stock, it’s tough to tell just how much the fallen, speculative play is worth, especially as the broad pharmaceutical space faces increased volatility.

Now down nearly 93% from its late-2021 all-time high, the $13.2 billion biotech innovator may be a deep-value play for those interested in the pipeline candidates that may very well emerge as the firm’s next big profitability driver. In the past month, shares of MRNA have started picking up traction, gaining close to 35% from their mid-June lows.

Indeed, this may or may not be the turning point, but President Trump’s new legislation has breathed some life into the hard-hit pharma names. Of course, time will tell how long the booster will last. Either way, the mRNA vaccine innovator has a few catalysts up its sleeves that could make the name a better performer going into 2026 once it has that fresh slate.

Moderna wants to be a “five-product” company by 2026

According to Oppenheimer, Moderna is poised to have five products on the market by year’s end. Of course, there’s the COVID vaccine business, which, while a shell of its former self, is still capable of bringing in some cash. Additionally, the RSV, influenza, flu/COVID combo, and, perhaps most notably, a cancer vaccine, are all candidates that could help turn the tide over at the fallen and forgotten biotech firm.

Sure, RSV, flu, and a combo jab could move the needle (pun intended) on the stock. But the huge wild card has to be the experimental cancer vaccine, made possible by next-generation mRNA technology and AI-augmented R&D (yes, Moderna is making good use of AI). Of course, nobody is expecting Moderna to have the cancer breakthrough we’ve all been waiting for. With a low bar in place, perhaps it’s about time investors had given the firm the benefit of the doubt. I have no idea if Moderna can revisit its prior highs as it looks for hit products beyond COVID.

Great cost cuts, but Moderna needs another hit if it’s to sustain its recent rally

Though the firm has done a great job of trimming away at expenses, it’s going to take a smash hit for investors to give the name a second look again. Personally, I think the company’s use of AI alone makes the name worthy of a higher multiple than the stock is currently commanding.

At the time of this writing, shares are going for just 1.26 times price-to-book (P/B), which I find absolutely absurd for a firm that may just have enough new products to climb out of its painful post-COVID rut. In any case, for those willing to brave the volatility (1.86), perhaps the stock is worth a grab now that most investors have had a chance to ditch the stock.

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