Cowen Reiterates Market Perform Rating on Moderna (MRNA), 'there is a clear benefit to continued boosting'

June 22, 2022 11:45 AM EDT
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Cowen analyst Tyler Van Buren reiterated a Market Perform rating and $165.00 price target on Moderna (NASDAQ: MRNA).

The analyst comments "Regardless of prior infection status, 1273.214 was noted to elicit potent nAb titers against BA.4 and BA.5. In all participants, 1-month nAb titers increased 5.4-fold over baseline, but were ~3-fold lower than the nAb titers against Omicron (GMT of 941 vs 3000). In baseline seronegative (previously uninfected) participants, nAb titers increased 6.3-fold to 727, which is numerically higher than after a third booster dose of 1273 against Omicron (629). For context, GMTs for a 1273 boost were 828 against Delta, and it was effective at preventing infections/hospitalizations against all VOC. These observations add to prior data demonstrating that a .214 booster was unequivocally superior against both the Omicron and ancestral variants (here), even though the goal of the study was only non-inferiority. GMTs vs Omicron topped 3,000 which is ~5-fold higher than titers seen in the Phase III with primary series 1273 (600-700). Therefore, even with titers falling 3-fold for the BA.4/5 sub-variants compared to Omicron as suggested in the data today, recipients are still likely to retain sufficient, potentially durable protection. Of note, potent anti-Omicron (and subvariant) nAb responses were seen in all individuals, regardless of prior SARS-CoV-2 infection. This suggests that there is a clear benefit to continued boosting, even in pre-infected individuals. Safety was also consistent with prior doses/formulations and even trended lower for .214, which further supports the bivalent strategy."

For an analyst ratings summary and ratings history on Moderna click here. For more ratings news on Moderna click here.

Shares of Moderna closed at $129.99 yesterday.

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