Moderna (MRNA) Raises Supply Forecast and Addresses Variant Strategy, No Change to Numbers Yet - Morgan Stanley
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Morgan Stanley analyst Matthew Harrison reiterated an Equalweight rating and $215.00 price target on Moderna (NASDAQ: MRNA) after the company provided more details on its variant/booster strategy and increased its supply forecast to at least 700M doses in 2021. Management remains on-track to deliver the first 100M doses to the US by the end of 1Q21, the second 100M by the end of May and the final 100M by the end of July. Importantly, management noted that the variant vaccine could be available in 3Q21.
The analyst stated "Mgt. continues to make new capital investments to increase manufacturing capacity. Based on the 100 μg dose, mgt. increased the low end of their 2021 manufacturing goal to 700M (from 600M) and announced that they expect to produce ~1.4B doses in 2022 (up from a prior goal of 1.2B). If the variant vaccine booster is efficacious at 50 μg, then they will have capacity to produce ~2.8B (50 μg) booster doses in 2022. To date, mgt. has shipped ~55M doses to the US and ~4M from their ex-US supply chain, which continues to scale-up."
Shares of Moderna closed at $151.51 yesterday.
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