5 Worst Performing Biotech Stocks in 2023

2. Moderna, Inc. (NASDAQ:MRNA)

YTD Share Price Decline as of August 7: 43.76%

Number of Hedge Fund Holders: 40

Moderna, Inc. (NASDAQ:MRNA) is a biotech company developing treatments for autoimmune diseases, cardiovascular diseases, cancer, and other rare infectious diseases. On August 3, Moderna, Inc. (NASDAQ:MRNA) reported a Q2 GAAP loss per share of $3.62, which beat market expectations by $0.48. The company announced a revenue of $344 million, which dropped 92.8% year-over-year but exceeded by $38.44 million. Following this, TD Cowen and Deutsche Bank have downgraded Moderna, Inc. (NASDAQ:MRNA). Moderna, Inc. (NASDAQ:MRNA) is one of the worst performing biotech stocks in 2023. 

According to Insider Monkey’s first quarter database, a total of 40 hedge funds were bullish on Moderna, Inc. (NASDAQ:MRNA), compared to 52 in the prior quarter. Philippe Laffont’s Coatue Management held the largest position in the stock, with 6.5 million shares worth $1 billion. 

Baron Health Care Fund had this to say about Moderna, Inc. (NASDAQ:MRNA) in its Q1 2023 investor letter:

“Moderna, Inc. (NASDAQ:MRNA) is a leader in the emerging field of mRNA-based vaccines and therapeutics and was one of the three main producers of the COVID vaccine. Shares fell during the quarter. We believe as COVID shifts away from pandemic status and becomes an increasingly commercial market (rather than government funded), there is increasing investor uncertainty around what a booster market could look like, which is pressuring shares. Looking beyond COVID, we think Moderna has the potential to disrupt the biopharmaceutical industry, from infectious disease vaccines to oncology, and we remain shareholders.”