Mod­er­na’s once high-fly­ing stock buck­les un­der the weight of a biotech rout. Is it cheap yet?

Last fall, with the world grap­pling — not all that well — with a glob­al pan­dem­ic, any­thing might have seemed pos­si­ble for the new­ly mint­ed bil­lion­aires run­ning Mod­er­na. Their stock was trad­ing north of $450 a share and the com­pa­ny was fly­ing high as its mR­NA vac­cine of­fered a rad­i­cal­ly new and dis­rup­tive tech for pan­demics to come.

In the pre­vi­ous sum­mer, Mod­er­na had al­ready leapfrogged the likes of Glax­o­SmithK­line in mar­ket cap — break­ing the $100 bil­lion mark — to en­ter the ex­clu­sive ter­ri­to­ry of Big Phar­ma play­ers in the top 15. And some an­a­lysts were com­par­ing it to Tes­la, the elec­tric au­tomak­er that seemed bliss­ful­ly sep­a­rat­ed from fi­nan­cial re­al­i­ty.

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