A level of support and a resistance line have created an ascending triangle in the chart of Moderna , Inc. (NASDAQ:MRNA). If the stock breaks through this resistance, a breakout is expected. Read more to learn how to take advantage of this trading opportunity.Moderna, Inc. (MRNA) is a commercial-stage biotech company. The firm's mRNA technology was rapidly validated with its COVID-19 vaccine, which was authorized in the United States in December 2020. Moderna had 24 mRNA development programs as of early 2021, with 13 of these in clinical trials.
MRNA’s COVID-19 vaccine has demonstrated strong uptake in several countries where it received authorization for temporary use over the past few months. Management expects more than $19 billion in vaccine sales for 2021. In addition, it has advance purchase agreements in place with several countries for 2022 worth $20 billion.
As of the most recent quarter, MRNA had $8 billion in cash compared to only $433 million in long-term debt. From a growth standpoint, sales surged 6,456% year over year in the second quarter. Analysts expected revenue to surge another 8,216% year over year in the current quarter.