Moderna Stock Jumps On Unexpected Profit In The First Quarter

Moderna (MRNA) stock surged on Thursday after the Covid vaccine maker reported unexpected earnings of 19 cents a share on $1.86 billion in first-quarter sales.

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On average, analysts polled by FactSet expected Moderna to lose $1.75 per share on $1.18 billion in sales.

In the year-earlier period, the biotech company earned $8.58 per share and reported $6.07 billion in sales. The company noted demand has dropped for its Covid vaccine, Spikevax.

For the year, Moderna predicted $5 billion in sales based on already signed contracts for its Covid vaccine. The company expects that to be backloaded with $2 billion in sales in the first half of the year. Moderna stock analysts were forecasting a per-share loss of $2.12 and $7.73 billion in sales.

In premarket trading on the stock market today, Moderna stock jumped 3% near 134.10. Shares have long traded beneath their 50-day and 200-day moving averages, according to MarketSmith.com.

More to follow.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.

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