Core Viewpoint - Amazon has underperformed compared to the S&P 500 over the past five years, with a total gain of approximately 56% versus the S&P 500's 112% return [1][2]. Performance Context - The performance of Amazon should be viewed in the context of the COVID-19 pandemic, which significantly boosted e-commerce demand in 2020 [4][6]. - From the beginning of 2020 to mid-September 2020, Amazon's stock rose by 63%, while the S&P 500 only gained 5% during the same period [6]. Comparative Analysis - Despite the recent underperformance, Amazon has outperformed the S&P 500 by about 26 percentage points when comparing the period from the beginning of 2020 to the present [7].

Core Insights - Moderna Inc. (MRNA) stock dropped 7% following a report linking the deaths of 25 children to COVID-19 vaccines, resulting in a year-to-date decline of almost 45% [2] - MRNA's performance is being compared to its peers to assess whether its decline is an outlier or part of a broader trend [5] Financial Performance - MRNA's operating margin is -107.1%, the lowest among its peers, while Pfizer (PFE) has an operating margin of 26.1% [8] - MRNA's last-twelve-month revenue growth is -38.8%, underperforming compared to PFE, Alnylam Pharmaceuticals (ALNY), Sarepta Therapeutics (SRPT), AbbVie (ABBV), and Amgen (AMGN) [8] - Over the past year, MRNA's stock has decreased by 66.3% and currently trades at a price-to-earnings (P/E) ratio of -3.1, indicating a loss [8] Competitive Context - MRNA has 44 programs, including 26 clinical trials across various therapeutic areas, which include infectious diseases and immuno-oncology [4] - The recent performance of MRNA, including a 12.6% decline over the last month, raises questions about its valuation and fundamentals in comparison to its competitors [5][8]