A study published in the New England Journal of Medicine showed that in the Phase 1 study of the experimental biotech vaccine mRNA-1273, all 45 patients produced antibodies against the coronavirus.
In addition, participants who received two 100-microgram doses of the vaccine (patients received 250, 100, or 25 micrograms) produced antibody levels more than double that of people who had recovered from COVID-19. Antibodies are key to preventing virus infection.
The good news caused Moderna’s shares to rise again. Over the past week, stocks are up more than 31% and overall 315% so far this year.
While the data is undoubtedly positive as it keeps a check on expectations, Needham analyst Alan Carr said: “We view the data favorably, but be aware that the immunogenicity data from subjects over the age of 55, as well as more data on the durability of the immune response will provide more information on the vaccine’s potential utility. “
With a phase 2 study currently underway, Moderna will begin a phase 3 test of the mRNA-1273 on July 27. Provisional data from the phase 3 study is expected to be released before the end of the year, and therefore Carr “will continue to assume that the vaccine may be available around YE20”.
Moderna’s management said it is on track to produce 500 million doses of the vaccine per year, and possibly up to a billion doses, as of 2021.
Despite the cautious approach, Carr has a “favorable view towards the vaccine,” and further stated, “We continue to project revenues from mRNA-1273 into 2021+. We acknowledge that the action has performed well lately, but we believe there are still opportunities. on the upside for investors with a long-term perspective. “
Overall, the Needham analyst gets strong support from the rest of the analyst community. 14 Buy Ratings and 2 Holds add to a strong Buy Buy consensus rating. With an average price target of $ 94.15, almost identical to Carr’s, the upside potential in the next 12 months is almost 15%. (See Moderna stock analysis at TipRanks)
Related
