The share price chart of Moderna is enough to make even the steeliest investor feel a bit seasick. Nevertheless, its rise to fame has been remarkable. In just under a year, Moderna developed, manufactured and got regulatory sign-off for a Covid vaccine that was one of the first two mRNA vaccines to be authorised. This is a type of treatment that teaches the body’s cells to create a protein that can attack a virus. The other was Pfizer and BioNTech’s coronavirus jab.
The market suitably rewarded Moderna for this feat. However, for a pharmaceuticals company, the problem with curing (or least combatting) a disease is that business eventually dries up. By late 2021, the Covid market had become an unforgiving one and shares in the
