maddie meyer
Manufacturer of the Moderna COVID-19 Vaccine (MRNA) added ~7% on Monday to post the biggest intraday gain in three months on above-average volume, as the broader healthcare sector gained after five straight losing sessions.
About 5.7 million shares changed hands compared to the 65-day average of ~4.9M as Modern (mRNA) finished as the third-biggest gainer in the S&P 500 today.
Earlier in the day, Cowen upgraded the Cambridge, Massachusetts-based biotech to Outperform from Outperform, citing a favorable catalytic path even as sales of the company’s COVID-19 vaccine are declining.
“Given the success with its COVID-19 vaccines, we believe Moderna is likely to succeed in developing effective vaccines for a number of other diseases,” wrote analyst Tyler Van Buren, raising the share price target to $180 from $150. dollars for sharing.
Cowen issued positive views on upcoming data for Moderna’s personalized cancer vaccine and flu vaccine (MRNA). The firm also predicted that the company could be a market leader in respiratory syncytial virus (RSV) vaccines.
Moderna’s (MRNA) gains also came after rival COVID vaccine maker Pfizer (PFE) agreed to acquire cancer-focused biotech Seagen (SGEN) for $43 billion, marking its latest deal boosted. by the pharmaceutical giant’s pandemic-fueled cash pile.
“Moderna is more than just a COVID-19 vaccine company,” argued Biologics, a Seeking Alpha contributor, recently issuing a Strong Buy rating on the stock.
