Moderna (MRNA) PT Raised to $43 at Oppenheimer; 'COVID-19 Vaccine Potential Taking Shape'

Oppenheimer analyst Hartaj Singh raised the price target on Moderna (NASDAQ: MRNA) to $43.00 (from $31.00) while maintaining an Outperform rating following its first Vaccine Day.

The analyst commented, "Moderna (MRNA) held its first Vaccine Day and provided an investor update on 04/14. While MRNA provided a broad overview of its vaccine platform and various candidates (positive P1b interim for Zika vaccine mRNA-1893, CMV candidate mRNA-1647 updates and potential combination RSV/hMPV/PIV3), the overriding theme on investors' minds was the COVID-19 vaccine mRNA-1273, which is in Phase 1 testing for safety and immunogenicity. MRNA feels that upon a successful Phase 1 result by early summer, a Phase 2/3 could initiate by the July/August timeframe (~late 2H21 completion). With the rapid progression of CMV into Phase 2 (interim schedule 2H20) and greater certainty around the COVID-19 vaccine's target (COVID-19 Spike protein) and manufacturing timelines, we adjust our PT to $43 and stay bullish."

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