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2022-01-08

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The Year’s First Three IPOs All Struggled. This Is Why.<blockquote>今年前三次IPO都举步维艰。这就是为什么。</blockquote>

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This Is Why.<blockquote>今年前三次IPO都举步维艰。这就是为什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129882080","media":"Barrons","summary":"The first initial public offerings of 2022, a trio of biotech companies, went public with dismal res","content":"<html><head></head><body>The first initial public offerings of 2022, a trio of biotech companies, went public with dismal results.<blockquote><html><head></head><body>三家生物技术公司2022年首次公开募股上市，结果惨淡。</body></html></blockquote>Amylyx Pharmaceuticals,and Vigil Neuroscience both dropped below their issue prices while CinCor Pharma ended flat. The lackluster debuts signal that the IPO market has yet to recover from 2021’s downturn.<blockquote>Amylyx Pharmaceuticals和Vigil Neuroscience均跌破发行价，而CinCor Pharma收盘持平。低迷的首次亮相表明IPO市场尚未从2021年的低迷中恢复过来。</blockquote>The three are the first to trade since new issues went on pause in December. After a rousing 11 months in 2021, where IPOs delivered their best year ever, inflation and Omicron issues slowed offerings in December. Only a dozen companies went public that month using a traditional IPO, down from 34 in November and 39 in October.<blockquote>这三只股票是自去年12月新股暂停以来首次交易。2021年经历了激动人心的11个月，IPO创下了有史以来最好的一年，但通胀和奥密克戎问题减缓了12月份的发行速度。当月只有十几家公司采用传统IPO方式上市，低于11月的34家和10月的39家。</blockquote>Biotechs are less sensitive to overall market trends, said Matt Kennedy, senior IPO strategist at Renaissance Capital, enabling them to go ahead while other firms have not.<blockquote>Renaissance Capital高级IPO策略师马特·肯尼迪(Matt Kennedy)表示，生物技术公司对整体市场趋势不太敏感，这使得它们能够在其他公司则无法继续前进。</blockquote>The muted first day for Friday’s trio is a continuation of 2021’s dismal IPO returns, he said. Of the 397 companies that went public in 2021 using a traditional IPO, roughly 31%, or 121, are trading above their offer price, he said. This means 69% are below their IPO price.<blockquote>他表示，周五三人组首日表现低迷，是2021年IPO回报惨淡的延续。他表示，在2021年通过传统IPO上市的397家公司中，大约31%（即121家）的交易价格高于发行价。这意味着69%的股价低于IPO价格。</blockquote>The performance of 2021’s class of biotechs is worse. Of the 94 companies that listed last year, only 15 are trading above their issue price, Kennedy said. Some investors are still “holding out hope for a pop,” he said, but there isn’t much demand for new deals right now. “There’s only so long that goes on before initial investors stop showing up, and then we may see a pause in activity,” he said.<blockquote>2021年生物技术类的表现更差。肯尼迪表示，在去年上市的94家公司中，只有15家的交易价格高于发行价。他说，一些投资者仍然“对繁荣抱有希望”，但目前对新交易的需求并不大。“在初始投资者停止出现之前，只会持续这么长时间，然后我们可能会看到活动暂停，”他说。</blockquote>A key pointmay come next week, when two high-profile deals are set to open. TPG,a large private-equity firm, and Justworks, an HR software company, are both scheduled to trade. If the companies end up slashing their price ranges, that would indicate the IPO market is challenging even for profitable companies, Kennedy said. “You don’t come off a year like 2021 and get back to normal in just a few weeks. We need to see [recent IPOs] returns improve before we can expect normal deal flow,” he  said.<blockquote>一个关键点可能会在下周到来，届时两项备受瞩目的交易将开始。大型私募股权公司TPG和人力资源软件公司Justworks都计划进行交易。肯尼迪表示，如果这些公司最终大幅削减价格范围，这将表明即使对于盈利的公司来说，IPO市场也充满挑战。“你不会像2021年那样度过一年，然后在几周内恢复正常。我们需要看到[最近的IPO]回报有所改善，然后才能期待正常的交易流，”他说。</blockquote>Cincor (ticker:CINC), which is developing therapies to treat hypertension and other cardio-renal diseases, was the first to open Friday. Cincor raised nearly $194 million after selling 12.1 million shares at $16. It had filed to offer 11 million shares priced at $15 to $17. Shares kicked off at $21 and dropped, frequently trading above and below the $16 IPO price before closing at that level.<blockquote>Cincor（股票代码：CINC）正在开发治疗高血压和其他心肾疾病的疗法，于周五率先开业。Cincor以16美元的价格出售1210万股股票后筹集了近1.94亿美元。该公司已申请发行1100万股股票，价格为15至17美元。股价开盘价为21美元，随后下跌，经常在16美元的IPO价格上下交易，然后收于该水平。</blockquote>Shares of Amylyx (AMLX), meanwhile, kicked off at $21 and ended the day at $18.07, nearly 5% below its issue price. Amylyx is focused on therapies to treat ALS and other neurodegenerative diseases. Amylyx, which also boosted the size of its deal,raised $190 million after selling 10 million shares priced at $19 each. It had planned on offering 8.75 million at $18 to $20.<blockquote>与此同时，Amylyx(AMLX)的股价开盘价为21美元，当天收盘价为18.07美元，比发行价低近5%。Amylyx专注于治疗ALS和其他神经退行性疾病的疗法。Amylyx也扩大了交易规模，在以每股19美元的价格出售1000万股股票后筹集了1.9亿美元。该公司原计划以18至20美元的价格发行875万股。</blockquote>Vigil (VIGL), which aims to provide treatments for neurodegenerative diseases,collected $98 million after selling 7 million shares at $14, below its $15-to-$17 price range. Vigil opened at $12, below its IPO price, and closed down nearly 10% to $12.65.<blockquote>Vigil(VIGL)旨在为神经退行性疾病提供治疗，在以14美元的价格出售700万股后，筹集了9800万美元，低于其15至17美元的价格范围。Vigil开盘价为12美元，低于IPO发行价，收盘下跌近10%，至12.65美元。</blockquote>Jordan Stuart, a market strategist for the Federated Hermes Kaufmann funds that focus on small-, mid-, and large-cap companies and invests in IPOs, has one word of advice for investors: patience.<blockquote>爱马仕考夫曼联邦基金(Federated Hermes Kaufmann funds)的市场策略师乔丹·斯图尔特(Jordan Stuart)对投资者有一个建议：耐心。</blockquote>Many biotechs went public in 2021 at a very early stage and it may make sense to wait for a “timing catalyst” before investing, Stuart said. He pointed to Federated’s experience with Moderna(MRNA), which went public in 2018. Federated passed on buying into the IPO “because there was nothing urgent” to prompt their investment, Stuart said.<blockquote>斯图尔特表示，许多生物技术公司在2021年上市的早期阶段，在投资之前等待“时机催化剂”可能是有意义的。他指出了Federated与2018年上市的Moderna(MRNA)的经验。斯图尔特表示，Federated拒绝购买IPO，“因为没有什么紧急情况”来促进他们的投资。</blockquote>But in January 2020, the Centers for Disease Control and Prevention, or CDC, detected the first U.S. case of Covid-19, and by March, businesses across the nation were closing in an attempt to stop the spread of the virus. Federated invested in Moderna in the first quarter of 2020 at around $30 a share, Stuart said.<blockquote>但在2020年1月，美国疾病控制与预防中心(CDC)发现了美国首例Covid-19病例，到3月，全国各地的企业都关闭了，试图阻止病毒的传播。Stuart表示，Federated在2020年第一季度以每股30美元左右的价格投资了Moderna。</blockquote>The biotech’s Covid-19 vaccine received emergency-use authorization by the FDA later that year, in December. Moderna’s stock hit a high of $384.86 in September and is now trading at $213.58. Federated, across its funds, owned a significant stake in Moderna as of Sept. 30, Stuart said.<blockquote>该生物技术公司的Covid-19疫苗于当年晚些时候（12月）获得了FDA的紧急使用授权。Moderna的股价在9月份触及384.86美元的高点，目前交易价格为213.58美元。斯图尔特表示，截至9月30日，Federated旗下基金持有Moderna的大量股份。</blockquote>While the investment manager may have left some money on the table by waiting, Stuart estimates that Federated has made from five to 10 times its money with its Moderna investment. “It’s good that companies are coming out very early. But given the heat of last year’s IPO market, patience can be a virtue,” he said.<blockquote>虽然投资经理可能因为等待而留下了一些钱，但斯图尔特估计Federated通过Moderna投资赚了5到10倍的钱。“公司很早就上市是件好事。但考虑到去年IPO市场的火爆，耐心可能是一种美德，”他说。</blockquote></body></html><blockquote></blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Year’s First Three IPOs All Struggled. This Is Why.<blockquote>今年前三次IPO都举步维艰。这就是为什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Year’s First Three IPOs All Struggled. This Is Why.<blockquote>今年前三次IPO都举步维艰。这就是为什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2022-01-08 09:38\n\n</h4>\n</header>\n<article>\n<html><head></head><body>The first initial public offerings of 2022, a trio of biotech companies, went public with dismal results.<blockquote><html><head></head><body>三家生物技术公司2022年首次公开募股上市，结果惨淡。</body></html></blockquote>Amylyx Pharmaceuticals,and Vigil Neuroscience both dropped below their issue prices while CinCor Pharma ended flat. The lackluster debuts signal that the IPO market has yet to recover from 2021’s downturn.<blockquote>Amylyx Pharmaceuticals和Vigil Neuroscience均跌破发行价，而CinCor Pharma收盘持平。低迷的首次亮相表明IPO市场尚未从2021年的低迷中恢复过来。</blockquote>The three are the first to trade since new issues went on pause in December. After a rousing 11 months in 2021, where IPOs delivered their best year ever, inflation and Omicron issues slowed offerings in December. Only a dozen companies went public that month using a traditional IPO, down from 34 in November and 39 in October.<blockquote>这三只股票是自去年12月新股暂停以来首次交易。2021年经历了激动人心的11个月，IPO创下了有史以来最好的一年，但通胀和奥密克戎问题减缓了12月份的发行速度。当月只有十几家公司采用传统IPO方式上市，低于11月的34家和10月的39家。</blockquote>Biotechs are less sensitive to overall market trends, said Matt Kennedy, senior IPO strategist at Renaissance Capital, enabling them to go ahead while other firms have not.<blockquote>Renaissance Capital高级IPO策略师马特·肯尼迪(Matt Kennedy)表示，生物技术公司对整体市场趋势不太敏感，这使得它们能够在其他公司则无法继续前进。</blockquote>The muted first day for Friday’s trio is a continuation of 2021’s dismal IPO returns, he said. Of the 397 companies that went public in 2021 using a traditional IPO, roughly 31%, or 121, are trading above their offer price, he said. This means 69% are below their IPO price.<blockquote>他表示，周五三人组首日表现低迷，是2021年IPO回报惨淡的延续。他表示，在2021年通过传统IPO上市的397家公司中，大约31%（即121家）的交易价格高于发行价。这意味着69%的股价低于IPO价格。</blockquote>The performance of 2021’s class of biotechs is worse. Of the 94 companies that listed last year, only 15 are trading above their issue price, Kennedy said. Some investors are still “holding out hope for a pop,” he said, but there isn’t much demand for new deals right now. “There’s only so long that goes on before initial investors stop showing up, and then we may see a pause in activity,” he said.<blockquote>2021年生物技术类的表现更差。肯尼迪表示，在去年上市的94家公司中，只有15家的交易价格高于发行价。他说，一些投资者仍然“对繁荣抱有希望”，但目前对新交易的需求并不大。“在初始投资者停止出现之前，只会持续这么长时间，然后我们可能会看到活动暂停，”他说。</blockquote>A key pointmay come next week, when two high-profile deals are set to open. TPG,a large private-equity firm, and Justworks, an HR software company, are both scheduled to trade. If the companies end up slashing their price ranges, that would indicate the IPO market is challenging even for profitable companies, Kennedy said. “You don’t come off a year like 2021 and get back to normal in just a few weeks. We need to see [recent IPOs] returns improve before we can expect normal deal flow,” he  said.<blockquote>一个关键点可能会在下周到来，届时两项备受瞩目的交易将开始。大型私募股权公司TPG和人力资源软件公司Justworks都计划进行交易。肯尼迪表示，如果这些公司最终大幅削减价格范围，这将表明即使对于盈利的公司来说，IPO市场也充满挑战。“你不会像2021年那样度过一年，然后在几周内恢复正常。我们需要看到[最近的IPO]回报有所改善，然后才能期待正常的交易流，”他说。</blockquote>Cincor (ticker:CINC), which is developing therapies to treat hypertension and other cardio-renal diseases, was the first to open Friday. Cincor raised nearly $194 million after selling 12.1 million shares at $16. It had filed to offer 11 million shares priced at $15 to $17. Shares kicked off at $21 and dropped, frequently trading above and below the $16 IPO price before closing at that level.<blockquote>Cincor（股票代码：CINC）正在开发治疗高血压和其他心肾疾病的疗法，于周五率先开业。Cincor以16美元的价格出售1210万股股票后筹集了近1.94亿美元。该公司已申请发行1100万股股票，价格为15至17美元。股价开盘价为21美元，随后下跌，经常在16美元的IPO价格上下交易，然后收于该水平。</blockquote>Shares of Amylyx (AMLX), meanwhile, kicked off at $21 and ended the day at $18.07, nearly 5% below its issue price. Amylyx is focused on therapies to treat ALS and other neurodegenerative diseases. Amylyx, which also boosted the size of its deal,raised $190 million after selling 10 million shares priced at $19 each. It had planned on offering 8.75 million at $18 to $20.<blockquote>与此同时，Amylyx(AMLX)的股价开盘价为21美元，当天收盘价为18.07美元，比发行价低近5%。Amylyx专注于治疗ALS和其他神经退行性疾病的疗法。Amylyx也扩大了交易规模，在以每股19美元的价格出售1000万股股票后筹集了1.9亿美元。该公司原计划以18至20美元的价格发行875万股。</blockquote>Vigil (VIGL), which aims to provide treatments for neurodegenerative diseases,collected $98 million after selling 7 million shares at $14, below its $15-to-$17 price range. Vigil opened at $12, below its IPO price, and closed down nearly 10% to $12.65.<blockquote>Vigil(VIGL)旨在为神经退行性疾病提供治疗，在以14美元的价格出售700万股后，筹集了9800万美元，低于其15至17美元的价格范围。Vigil开盘价为12美元，低于IPO发行价，收盘下跌近10%，至12.65美元。</blockquote>Jordan Stuart, a market strategist for the Federated Hermes Kaufmann funds that focus on small-, mid-, and large-cap companies and invests in IPOs, has one word of advice for investors: patience.<blockquote>爱马仕考夫曼联邦基金(Federated Hermes Kaufmann funds)的市场策略师乔丹·斯图尔特(Jordan Stuart)对投资者有一个建议：耐心。</blockquote>Many biotechs went public in 2021 at a very early stage and it may make sense to wait for a “timing catalyst” before investing, Stuart said. He pointed to Federated’s experience with Moderna(MRNA), which went public in 2018. Federated passed on buying into the IPO “because there was nothing urgent” to prompt their investment, Stuart said.<blockquote>斯图尔特表示，许多生物技术公司在2021年上市的早期阶段，在投资之前等待“时机催化剂”可能是有意义的。他指出了Federated与2018年上市的Moderna(MRNA)的经验。斯图尔特表示，Federated拒绝购买IPO，“因为没有什么紧急情况”来促进他们的投资。</blockquote>But in January 2020, the Centers for Disease Control and Prevention, or CDC, detected the first U.S. case of Covid-19, and by March, businesses across the nation were closing in an attempt to stop the spread of the virus. Federated invested in Moderna in the first quarter of 2020 at around $30 a share, Stuart said.<blockquote>但在2020年1月，美国疾病控制与预防中心(CDC)发现了美国首例Covid-19病例，到3月，全国各地的企业都关闭了，试图阻止病毒的传播。Stuart表示，Federated在2020年第一季度以每股30美元左右的价格投资了Moderna。</blockquote>The biotech’s Covid-19 vaccine received emergency-use authorization by the FDA later that year, in December. Moderna’s stock hit a high of $384.86 in September and is now trading at $213.58. Federated, across its funds, owned a significant stake in Moderna as of Sept. 30, Stuart said.<blockquote>该生物技术公司的Covid-19疫苗于当年晚些时候（12月）获得了FDA的紧急使用授权。Moderna的股价在9月份触及384.86美元的高点，目前交易价格为213.58美元。斯图尔特表示，截至9月30日，Federated旗下基金持有Moderna的大量股份。</blockquote>While the investment manager may have left some money on the table by waiting, Stuart estimates that Federated has made from five to 10 times its money with its Moderna investment. “It’s good that companies are coming out very early. But given the heat of last year’s IPO market, patience can be a virtue,” he said.<blockquote>虽然投资经理可能因为等待而留下了一些钱，但斯图尔特估计Federated通过Moderna投资赚了5到10倍的钱。“公司很早就上市是件好事。但考虑到去年IPO市场的火爆，耐心可能是一种美德，”他说。</blockquote></body></html><blockquote></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/2022-ipos-fall-weak-51641580444?mod=hp_LATEST\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VIGL":"Vigil Neuroscience, Inc.","AMLX":"Amylyx Pharmaceuticals","CINC":"CinCor Pharma, Inc."},"source_url":"https://www.barrons.com/articles/2022-ipos-fall-weak-51641580444?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129882080","content_text":"The first initial public offerings of 2022, a trio of biotech companies, went public with dismal results.Amylyx Pharmaceuticals,and Vigil Neuroscience both dropped below their issue prices while CinCor Pharma ended flat. The lackluster debuts signal that the IPO market has yet to recover from 2021’s downturn.The three are the first to trade since new issues went on pause in December. After a rousing 11 months in 2021, where IPOs delivered their best year ever, inflation and Omicron issues slowed offerings in December. Only a dozen companies went public that month using a traditional IPO, down from 34 in November and 39 in October.Biotechs are less sensitive to overall market trends, said Matt Kennedy, senior IPO strategist at Renaissance Capital, enabling them to go ahead while other firms have not.The muted first day for Friday’s trio is a continuation of 2021’s dismal IPO returns, he said. Of the 397 companies that went public in 2021 using a traditional IPO, roughly 31%, or 121, are trading above their offer price, he said. This means 69% are below their IPO price.The performance of 2021’s class of biotechs is worse. Of the 94 companies that listed last year, only 15 are trading above their issue price, Kennedy said. Some investors are still “holding out hope for a pop,” he said, but there isn’t much demand for new deals right now. “There’s only so long that goes on before initial investors stop showing up, and then we may see a pause in activity,” he said.A key pointmay come next week, when two high-profile deals are set to open. TPG,a large private-equity firm, and Justworks, an HR software company, are both scheduled to trade. If the companies end up slashing their price ranges, that would indicate the IPO market is challenging even for profitable companies, Kennedy said. “You don’t come off a year like 2021 and get back to normal in just a few weeks. We need to see [recent IPOs] returns improve before we can expect normal deal flow,” he  said.Cincor (ticker:CINC), which is developing therapies to treat hypertension and other cardio-renal diseases, was the first to open Friday. Cincor raised nearly $194 million after selling 12.1 million shares at $16. It had filed to offer 11 million shares priced at $15 to $17. Shares kicked off at $21 and dropped, frequently trading above and below the $16 IPO price before closing at that level.Shares of Amylyx (AMLX), meanwhile, kicked off at $21 and ended the day at $18.07, nearly 5% below its issue price. Amylyx is focused on therapies to treat ALS and other neurodegenerative diseases. Amylyx, which also boosted the size of its deal,raised $190 million after selling 10 million shares priced at $19 each. It had planned on offering 8.75 million at $18 to $20.Vigil (VIGL), which aims to provide treatments for neurodegenerative diseases,collected $98 million after selling 7 million shares at $14, below its $15-to-$17 price range. Vigil opened at $12, below its IPO price, and closed down nearly 10% to $12.65.Jordan Stuart, a market strategist for the Federated Hermes Kaufmann funds that focus on small-, mid-, and large-cap companies and invests in IPOs, has one word of advice for investors: patience.Many biotechs went public in 2021 at a very early stage and it may make sense to wait for a “timing catalyst” before investing, Stuart said. He pointed to Federated’s experience with Moderna(MRNA), which went public in 2018. Federated passed on buying into the IPO “because there was nothing urgent” to prompt their investment, Stuart said.But in January 2020, the Centers for Disease Control and Prevention, or CDC, detected the first U.S. case of Covid-19, and by March, businesses across the nation were closing in an attempt to stop the spread of the virus. Federated invested in Moderna in the first quarter of 2020 at around $30 a share, Stuart said.The biotech’s Covid-19 vaccine received emergency-use authorization by the FDA later that year, in December. Moderna’s stock hit a high of $384.86 in September and is now trading at $213.58. Federated, across its funds, owned a significant stake in Moderna as of Sept. 30, Stuart said.While the investment manager may have left some money on the table by waiting, Stuart estimates that Federated has made from five to 10 times its money with its Moderna investment. “It’s good that companies are coming out very early. But given the heat of last year’s IPO market, patience can be a virtue,” he said.","news_type":1,"symbols_score_info":{"AMLX":0.9,"CINC":0.9,"VIGL":0.9}},"isVote":1,"tweetType":1,"viewCount":799,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/695744970"}