Modern (MRNA) – Get report it increased after Jefferies analyst Michael Yee began coverage of the biopharmaceutical company with a buy rating and a stock price target of $ 90, and Nasdaq said it would add the shares to the Nasdaq 100.
The company’s coronavirus vaccine candidate could sell for a sum of $ 5 billion a year, he wrote in a comment quoted by Bloomberg.
Last week, Moderna said it completed enrollment of patients for a phase II study of the vaccine candidate, mRNA-1273.
Moderna is one of hundreds of companies looking for an effective vaccine. In May, the Cambridge, Massachusetts, company said the results of its Phase I study were positive.
The triple year of action to date has led analysts to disagree on “what will happen or if the vaccine will work, and [analysts are] hugely divided on valuation, “Yee said, according to Bloomberg.
“We believe the street will be surprised to the upside if the covid-19 vaccine works, is approved in early 2021, and there are billions of dollars in purchase orders from … worldwide.”
Moderna said last week that it is on track to deliver 500 million doses per year, and possibly up to a billion doses per year, starting in 2021.
Yee predicts that mRNA-1273 will obtain “at least” an emergency use authorization early next year.
According to the World Health Organization, more than 20 vaccine applicants are in human testing, and another 130 are in earlier stages of development.
Moderna’s shares recently traded at $ 72.82, an increase of 16.33%.
Moderna will join the Nasdaq 100 index before the market opens on July 20.
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