5 Cheap Biotech Stocks To Buy

3. Moderna, Inc. (NASDAQ:MRNA)

Number of Hedge Fund Holders: 44

P/E ratio as of January 22: 6.86

Moderna, Inc. (NASDAQ:MRNA) is based in Cambridge, Massachusetts. The company discovers and commercialized messenger RNA therapeutics and vaccines.

As of January 11, Deutsche Bank’s Emmanuel Papadakis holds a Buy rating on Moderna, Inc. (NASDAQ:MRNA) shares.

Moderna, Inc. (NASDAQ:MRNA) is currently trading at over 50% below its market highs during the COVID-19 pandemic. Yet, the company is still considered one of the top players in the biotech sector on Wall Street, with analysts at Deutsche Bank holding price targets as high as $225 on the stock, compared to its current share price of $193.98. This, combined with the company’s competitively low P/E ratio of 6.86, make Moderna, Inc. (NASDAQ:MRNA) is a cheap biotech stock pick today.

Our hedge fund data shows 44 funds long Moderna, Inc. (NASDAQ:MRNA) in the third quarter, with a total stake value of $1.9 billion.

Baron Funds, an investment management company, mentioned Moderna, Inc. (NASDAQ:MRNA) in its third-quarter 2022 investor letter. Here’s what the firm said:

“Within biotechnology, underperformance of Moderna, Inc. (NASDAQ:MRNA) and lower exposure to this better performing sub-industry weighed the most on relative performance. Shares of Moderna, a leader in the emerging field of mRNA-based vaccines and therapeutics, declined due to increasing uncertainty around what a booster market could look like as COVID shifts away from pandemic status and becomes an increasingly commercial market rather than government funded.”