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After Moderna’s medical miracle, some investors step back
It was briefly the most highly valued biotech stock in Massachusetts. But is the company’s market value too lofty?
By Larry Edelman Globe Columnist,Updated January 18, 2021, 2:06 p.m.
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Moderna delivered a COVID-19 vaccine in just 11 months.Greg Lovett/Associated Press
Moderna performed a miracle last year: The Cambridge biotech company, which hadn’t put a product on the market since it was founded in 2010, delivered a coronavirus vaccine in just 11 months.
Investors — including company executives — were richly rewarded. The stock soared by more than 700 percent from Jan. 22, when Moderna disclosed it was working with the government to develop a COVID-19 vaccine, through Dec. 8, when the price peaked and the company briefly surpassed Vertex Pharmaceuticals as the biggest biotech in Massachusetts, by market value. ....

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