Moderna stock was trading at $124.35 as of 10:34AM EDT.
Moderna ( NASDAQ:MRNA ) has been upgraded by SVB Leerink from underperform to market perform, claiming that it will profit from a potential price hike for COVID-19 vaccinations when distribution shifts to the private market from a government-supervised system the next year.
The company increased its price objective from $74 to $101 (a 15% downside based on Thursday’s close).
Assuming Moderna ( NASDAQ:MRNA ) priced its COVID vaccine in 2023 as a sensible duopolist, analyst Mani Foroohar noted that the move would significantly increase the company’s prospects of hitting its 2023 revenue target.
Phase 2 data from the customized cancer vaccine (PCV) developed by Moderna ( NASDAQ:MRNA ) and partner Merck (MRK) are anticipated this quarter, and they could support the bull case even more, the speaker continued.
SVB also raised the likelihood that the PCV and respiratory syncytial virus vaccine candidates would be successful.
Moderna stock earnings forecast
Spikevax, a COVID-19 vaccine manufactured by Moderna, is a super-blockbuster with first-half 2022 sales of $10.5 billion. Sales of Spikevax decreased in the second quarter as almost everyone who wanted a vaccine shot had already received one. In August, the FDA granted Emergency Use Authorization for a brand-new booster that targets the omicron variety. Sales may plateau in ...
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