Moderna Inc MRNA is on the move Thursday following strong quarterly financial results. Short Hills Capital's Steve Weiss decided to pick up additional shares of the commercial-stage biotech company after the report.
Weiss has been a longtime bull of the stock.
What Happened: Moderna reported fourth-quarter revenue of $7.2 billion, which is up from $579 million year-over-year and above the $6.79 billion estimate. Moderna reported quarterly earnings of $11.29 per share, which beat the estimate of $9.90 per share.
The company also announced a $3 billion buyback and said it has about $19 billion in signed advance purchase agreements.
Related Link: Moderna Beats On Q4 Earnings, Announces $3B Buyback; Expects ~$19B In FY22 COVID-19 Vax Sales
Weiss Weighs In: "First of all, they beat the quarter, both on the top line and bottom line, significantly," Weiss said Thursday on CNBC's "Fast Money Halftime Report."
He also highlighted the aforementioned buyback and advance purchase agreements. Following the quarter, the stock is trading about five times earnings, he added: "It's still an extremely cheap stock."
"As you go out a few years, I believe this will be one of the most valuable health care companies in the entire world," Weiss stressed.
MRNA Price Action: Moderna has traded as low as $117.34 and as high as $479.49 over a 52-week period.
The stock was up 12.8% at $153.03 Thursday afternoon.
Photo: Marco Verch from Flickr.
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