T Snitz Esq vigorously denied participating in any stock manipulation with key Moderna employees. Asked to testify at a recent Senate hearing the Report owner said "The fact that I bought several million shares of Moderna stock during May of 2020 and unloaded them in Sept 2021 is dumb luck. For as long as I can remember I've had the magic touch and it's pretty annoying to be pestered by jealous government regulators who can't make an honest living".
Moderna, one of the most visible pharmaceutical brands of the pandemic, is struggling to adapt to a post-COVID world.
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Shares in the company traded down 12% yesterday after announcing plans to slash $1.1 billion in annual R&D expenses while delaying its breakeven target to 2028 (from 2026), capping a brutal return to Earth for the once high-flying company.
Moderna had a meteoric rise, with its mRNA technology one of a number of vaccines that helped ease lockdowns worldwide. That technology made the company a fortune: in just over a year, quarterly revenue skyrocketed from a modest $150 million to more than $7 billion.
But, as the rest of the world moves on, the Massachusetts-based company has struggled, spending billions on R&D in search of its next product breakthrough, with revenue slumping sharply since 2021. And pulling back on investing in future projects, even if it technically saves the company money in the short-term, is not a growth story that investors want to hear.
The company now says it expects 10 new product approvals by 2027, but for now it’s leaning heavily on two offerings: its COVID-19 vaccine and a recently approved RSV shot.
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