Two drug companies had a bad week. AstraZeneca (AZN) lost 12.06% last week, while Moderna (MRNA) fell by 14.41%.
AZN stock tumbled after the firm posted results for its late-stage trial for an experimental heart disease drug. The “CARDIO-TTRansform” Phase III trial did not meet the primary efficacy endpoint. The drug is a once-monthly RNA-targeted silencer. The study is in partnership with Ionis Pharmaceuticals (IONS).
IONS stock fell by 9.37% on July 10. Bears hold a 10.74% short interest on the stock.
The company will share the data with the scientific community next month at the European Society of Cardiology Congress. Investors should consider looking at Alnylam (ALNY). That firm hosted a meeting to discuss its ALN-6400 RNAi therapy, which targets plasminogen for rare bleeding disorders.
Moderna (MRNA) potentially peaked at $85.60. Shares fell after the firm announced an agreement with the European Commission. It will provide many EU nations with up to 24 million doses of the mRESVIA vaccine. That targets the respiratory syncytial virus.
Investors might consider starting a position in MRNA stock. Despite the underperformance in biotech in the last two years compared to other sectors, they offer strong revenue growth prospects.
Moderna’s peers include Novavax (NVAX), Gilead Sciences (GILD), Vertex (VRTX), Regeneron (REGN), and BioNTech (BNTX). Their returns paled in comparison to MRNA stock rising by 131.5% YTD.
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