Moderna Inc (NASDAQ:MRNA) Stock Pulls Back To $300 After The Monster Rally
Over the course of the past months, the Moderna Inc (NASDAQ:MRNA) stock has been on the radar of most investors due to the company’s stellar work with regard to the COVID-19 vaccine. However, the stock is in focus among investors yet again for a different reason.
From today, the Modern stock is going to be included in the prestigious S&P 500 index and will replace Alexion Pharmaceuticals Inc. In recent months, the Modern stock has recorded considerable gains since its vaccine became one of the most widely used vaccines during the coronavirus pandemic. That being said, there are experts who believe that the stock is currently overpriced. Senior Research Analyst and Managing Director of the firm Jeffries, Michael Yee spoke about the Modern stock price at length during the course of a discussion with Yahoo Finance.
Yee stated that due to the success of its vaccine, the company’s stock has taken on ‘taken on a life of its own which is not entirely rooted in reality. He went on to state that at this point in time, the stock price seems to have priced in a wide range of assumptions over the course of the next decade. He added that those assumptions are yet to bear fruit and suggested that investors seem to believe that Modern is now the ‘Tesla of biotech’. Despite that, it cannot be denied that addition to the S&P 500 today is a major development for the company and it remains to be seen if it leads to a further spike in the Moderna stock price.
HIVE Blockchain Technologies (HVBT) (HIVE) Stock Attempts To Bounce Back: A Buy Now?
Investors are now increasingly interested in stocks of companies that are involved in the blockchain and cryptocurrency sectors. One of the companies from the sector to have garnered considerable attention in recent times is HIVE Blockchain Technologies Ltd (NASDAQ:HVBT) (CVE:HIVE).
The stock was in action yesterday and ended up clocking gains of as much as 11% as investors piled on to it. That being said, it is also necessary to remember that there was no news about the company yesterday that could have led to such gains. However, earlier this month the company made a key announcement and informed that it joined up with the NVIDIA Partner Network Cloud Service Provider program. It was a major development for the company and might have been one of the reasons behind the positivity around the stock.
However, in addition to joining up with the program, HIVE Blockchain also announced that it signed purchase agreements for NVIDIA’s GPUs in a contract that is worth in excess of $66 million.
This move is a major step for the company since it is expected to help the company to move into the lucrative Enterprise Cloud services space that is dedicated to High-Performance Computing niche. In addition to that, entry into the program is also going to help HIVE Blockchain in accessing the customers and partners which belong to NVIDIA. In other words, HIVE Blockchain will be part of a strong ecosystem and will also be able to take advantage of the considerable industry knowledge of NVIDIA.