UPDATE: UBS Starts Moderna (MRNA) at Neutral
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UBS analyst Eliana Merle initiates coverage on Moderna (NASDAQ: MRNA) with a Neutral rating and a price target of $221.00.
The analyst comments "We took a detailed look at MRNA’s pipeline beyond COVID-19 and we see mRNA as a disruptive force in the $35B+ global annual vaccine market (beyond COVID-19). We think MRNA's platform has significant applications beyond COVID-19, but that current levels reflect this potential based on the science to date. In the near-term, we think COVID-19 remains the key focus and a source of near-term volatility for shares. We see some potential further headwinds for shares amidst the uncertainty as COVID-19 transitions from a pandemic to endemic disease. Long-term, we think the success of COVID-19 vaccines suggests a high likelihood of success for other vaccine targets and we see this as a growth driver in the medium to longer term, but we think COVID-19 to remain focus for shares in '22."
Shares of Moderna closed at $167.52 yesterday.
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