10 Worst Performing NASDAQ Stocks in 2024

2. Moderna, Inc. (NASDAQ:MRNA)

Year to Date Gain: -49.18%

Number of Hedge Fund Holders: 39

Investors once favored Moderna Therapeutics in the healthcare industry due to the strong demand for COVID-19 vaccines. However, not anymore. It is turning out to be one of the worst-performing NASDAQ stocks in 2024, having shed 49.18% in market value.

The company announcing expensive cost cuts that could affect its pipeline programs and terminate others underline trouble in paradise. Moderna, Inc. (NASDAQ:MRNA) has already announced plans to slash its research and development expenditure by up to $1.1 billion, raising concerns about its ability to strengthen its pipeline.

Additionally, management warnings that it could take some time before the company bounces back to profitability underlines why the stock has been under pressure for the better part of the year.

Since demand for the company’s coronavirus vaccines declined significantly over the past two years, its fortunes have not been good. In the second quarter of this year, its quarterly revenue reached $241 million, a 95% decline over the previous three years.

On the other hand, Moderna, Inc. (NASDAQ:MRNA) is laying a strong foundation that might support its long-term prospect. Starting with more recent approvals, Moderna has received approval for an RSV vaccine and is expected to introduce at least one more product in the coming years. In a phase 3 study, the company’s coronavirus/flu vaccine performed better. It produced greater immune responses in its late-stage trial than some individual vaccines in both categories.

Even though Moderna’s current financial results don’t inspire confidence, a robust pipeline of vaccines affirms a potential bounce back after the recent slump. In total, 39 hedge funds were long Moderna, Inc. (NASDAQ:MRNA) in the second quarter, with a total stake value of $1.3 billion.