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SAN FRANCISCO — Moderna Therapeutics had record-setting success raising money from private investors, but the much-discussed biotech has struggled to convince the public markets of its industry-upending potential, and its stock price has slumped nearly 30 percent in the weeks following what was biotech’s largest-ever initial public offering.

That left Moderna CEO Stéphane Bancel, speaking before a standing-room crowd at the industry’s premiere gathering on Tuesday, with a curious task: convincing investors that his $5 billion company is actually undervalued.


“What if one drug got to market?” Bancel said, pointing toward a list of Moderna’s 21 potential therapies. “What if two drugs got to market? What if a few more drugs got to market? This is what we’re working hard to make happen.”

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  • I looked at Moderna’s webpage and am scratching my head about their strategy. They give the impression that they have discovered this new stuff, called RNA, which might be impressive to non-scientists who have never heard of it, but to a scientist? It seems pretty silly to get excited about something that we all know a great deal about…

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