Theeb and MRNA Hit Record Lows on Sustained Selling

Theeb Rent a Car and Moderna shares both touched all-time lows on June 25, extending prolonged selling that has erased market value from both names.

Theeb, listed on the Saudi exchange Tadawul, fell through its previous floor set in early 2024. The stock has shed roughly 40% from its peak last year. No company-specific announcement accompanied the drop. Rental demand has weakened over the same period. The Saudi rental market has become more crowded, with new entrants increasing supply and pressuring utilization rates across the sector. Theeb had previously benefited from strong demand during the Hajj and Umrah seasons. That seasonal boost has not been enough to offset the broader trend. Institutional money has rotated toward petrochemical and banking names, leaving rental and consumer stocks under pressure.

Moderna (MRNA) slid to a record low of $42.17, breaking below the $43 support level that had held since November 2023. The biotech stock has lost more than 60% of its value over the past 12 months. Revenue from its COVID-19 vaccine has declined sharply as the market shifted to endemic demand. The company's pipeline relies on later-stage readouts, including an RSV vaccine expected in the third quarter. Moderna was a major beneficiary of the pandemic. The shift to endemic demand and inventory destocking have eroded sales. The biotech sector has also faced headwinds from rising interest rates, which reduce the present value of future cash flows from pipeline drugs. Moderna is particularly exposed because its valuation depends on a pipeline that is years from peak revenue. AlphaScala rates MRNA at 56 out of 100, a Moderate score that captures the stock's weak momentum and uncertain catalyst path.

The two companies operate in different sectors and geographies. Both face prolonged selling as investors wait for new catalysts. Theeb's rental fleet expansion, announced in the first quarter, has not yet lifted utilization. Moderna's next major product readout, for its RSV vaccine, is not expected until late in the third quarter. Analysts have flagged that commercial uptake may be slow given existing options.

The selloff in both stocks comes as part of a broader shift in stock market analysis toward companies with visible near-term catalysts. Growth stocks without a clear timeline for revenue acceleration have been under pressure across sectors. The S&P 500 reached new highs in June. Biotech and small-cap names lagged, reflecting a preference for large-cap growth.

The break below $43 for MRNA leaves the stock without a clear support until $40, a level last seen in 2020. For Theeb, the stock is trading at levels last seen shortly after its listing, with no obvious floor on the chart until 50 riyals.

The prolonged selling has left both stocks at lower valuations. No catalyst is in sight to draw buyers back. Theeb reports second-quarter earnings in late July. The results will give investors a read on utilization rates and fleet costs. Moderna's next pipeline update is expected at a medical conference in September, when the company is expected to present data from its RSV and flu vaccine programs.