Why Moderna Stock Climbed image

Why Moderna Stock Climbed

What happened

Shares of Moderna (NASDAQ: MRNA) rose 6.8% on Friday, as analysts and investors grew more optimistic about the vaccine maker's growth prospects.

So what

Piper Sandler analyst Edward Tenthoff repeated his overweight rating on Moderna's stock and boosted his price forecast from $208 to $234 on Thursday. His new price target represents potential returns to shareholders of roughly 37% from Moderna's current share price near $170.

Tenthoff noted that data from a phase 3 study showed Moderna's authorized coronavirus vaccine, mRNA-1273, continued to demonstrate efficacy against COVID-19 of more than 90% after six months. That bodes well for sales of the drug; Tenthoff projects that Moderna will generate mRNA-1273 revenue of $10.85 billion in 2021 and $15.75 billion in 2022.

Tenthoff also praised Moderna's "rich pipeline" of mRNA-based drugs. The biotech currently has 14 vaccine candidates in clinical trials.

Continue reading Why Moderna Stock Climbed Today on Nasdaq