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HomeMarketModerna Stock Is Upgraded on Growth Opportunities Not Related to Covid

Moderna Stock Is Upgraded on Growth Opportunities Not Related to Covid

Jefferies analyst Michael Yee raised his price target on Moderna shares to $275 from $170.

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Moderna
was rising Monday after an analyst at Jefferies upgraded the stock citing confidence in the vaccine maker’s growth opportunities that aren’t related to the Covid-19 vaccine.

Jefferies analyst Michael Yee upgraded shares of Moderna (ticker: MRNA) to Buy from Hold and increased his 12-month price target on the stock to $275 from $170. For Moderna, Yee said he sees a “significant new pipeline story and catalysts ahead.”

“The Covid story is mostly understood and behind us and no longer the thesis on the stock,” Yee wrote in a research note Monday. “… We see stock going back up in 2023 on new PCV cancer story is the ‘new shiny thing’ given their Phase 2 data last week when their personalized cancer vaccines reduced the risk of recurrence/death by 44% … in adjuvant melanoma patients.”

Moderna and pharmaceutical giant
Merck
(MRK) announced last week that using Moderna‘s experimental cancer vaccine with 
Merck
‘s Keytruda in melanoma patients reduced the risk of death in a Phase 2 trial. Moderna stock soared on the news.

Yee also expects Moderna’s experimental respiratory syncytial virus vaccine results to be a positive catalyst for the shares.

“We predict Phase 3 RSV vaccine will be positive with data imminently and be competitive and as good as (or better than) others setting the stage for ‘combo’ vaccines with two-three antigens all in Phase 2 and data all coming in 2023,” Yee wrote.

Shares of Moderna were up 2% to $197.05 Monday.The stock has fallen 22% this year.

Write to Angela Palumbo at angela.palumbo@dowjones.com

Credit: marketwatch.com

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