Moderna Inc MRNA shares are trading higher Monday following positive analyst coverage from Jefferies.
What Happened: Jefferies analyst Michael Yee upgraded Moderna from Hold to Buy and raised the price target from $170 to $275, citing a new pipeline story and catalysts ahead.
Yee is shifting his attention away from the company's COVID-19 vaccine and toward its new pipeline opportunity in personalized cancer vaccines (PCV). With Phase III data on the horizon, the Jefferies analyst expects the stock to rebound in 2023 as investors revisit the name.
Yee sees opportunity in a number of catalysts ahead of the company including new studies with partner Merck & Company Inc MRK and the potential for combination vaccines.
Related Link: Moderna To Rally Over 42%? Here Are 10 Other Price Target Changes For Monday
MRNA Price Action: Moderna has a 52-week high of $321.31 and a 52-week low of $115.03.
The stock was up 2.88% at $198.85 at time of publication, according to Benzinga Pro.
Photo: Mufid Majnun from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
