Piper Sandler Reiterates Overweight Rating on Moderna (MRNA), PT $214

June 22, 2022 11:17 AM EDT
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Piper Sandler analyst Edward A. Tenthoff reiterated an Overweight rating and $214.00 price target on Moderna (NASDAQ: MRNA)

The analyst comments "Moderna announced new clinical data on bivalent Omicron booster, mRNA-1273.214. In previously vaccinated and boosted patients, 50µg mRNA-1273.214 induced neutralizing titers against omicron BA.4/BA.5 subvariants by 5.4-fold above baseline and by 6.3-fold in seronegative participants. One month following mRNA-1273.214 booster, geometric mean titers (GMT) against BA.4/BA.5 subvariants were 941 in all participants and 727 in seronegative participants. Moderna plans to submit these data and previous Phase II/ III data to the regulators promptly, and is preparing to supply mRNA-1273.214 beginning in August ahead of a potential rise in infection rates this fall. The FDA granted EUA for SpikeVax (mRNA-1273) in children and teens from 6 months to 17 years of age. Moderna has SpikeVax advanced purchase agreements (APAs) of $21 billion this year. Moderna ended 1Q:22 with cash of $19.3 billion. We reiterate our Overweight rating and $214 price target."

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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Edward Tenthoff, FDA