Brookline Capital Markets Maintains $506 PT and Buy Rating on Moderna (MRNA), Annouced Data 'Supports Our Outlook'
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Brookline Capital Markets analyst Leah Rush Cann reiterated a Buy rating and $506.00 price target on Moderna (NASDAQ: MRNA).
The analyst comments "Highly Positive Phase II/III Data for Bivalent Booster, mRNA-1273-214 - Moderna announced today new clinical data on its bivalent (Omicron) COVID booster candidate, mRNA-1273.214. Data show that one month after administration, in previously vaccinated and boosted participants, a 50 µg booster dose of mRNA1273.214 elicited potent neutralizing antibody responses against the Omicron subvariants BA.4 and BA.5 in all participants regardless of prior infection. Moderna announced that based on this and prior data, it is working to complete regulatory submissions in the coming weeks requesting to update the composition of the booster vaccine to mRNA-1273.214. These data add to the data reported on June 8, 2022 demonstrating a 50 µg booster dose of mRNA-1273.214 met all pre-specified endpoints, including superior neutralizing antibody response (geometric mean ratio) against the Omicron variant one month after administration when compared to the original mRNA-1273 vaccine; was generally well-tolerated, with side effects comparable to a booster dose of mRNA-1273 at the 50 µg dose level; and met all primary endpoints in the phase II/III trial including neutralizing antibody response against Omicron when compared to a 50 µg booster dose of mRNA-1273 in baseline seronegative participants."
Shares of Moderna closed at $129.99 yesterday.
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