What happened
The pandemic might, just might, be receding, but there's obviously still plenty of interest in coronavirus stock Moderna (MRNA 1.76%). This was strongly in evidence on Thursday, when the biotech's stock leaped almost 5% higher on the back of an upgrade from a prominent financial institution.
So what
Thursday morning, Deutsche Bank analyst Emmanuel Papadakis cranked his Moderna recommendation one full notch higher, from hold to buy, at a price target of $165 per share. Even after the stock's subsequent pop, this implies upside of almost 17%.
Papadakis is encouraged by Moderna's plans to roll out a triple vaccine for Covid, the flu, and respiratory illness RSV in the second half of this year.
In a new research note, the analyst wrote that the new jab is only the start of a potentially prosperous new era for the biotech.
According to him, the shot is "the most notable [update] as it represents the most viable route to extending the booster franchise, in our view, while H2 will also bring key proof of concept readouts in rare disease (PA/MMA) and oncology (melanoma PCV study) ahead of key P3 read outs FY23 (RSV, CMV, etc) plus potential P1 updates for the key next-gen P1 flu assets MRNA-1020/30."
NASDAQ: MRNA
Key Data Points
Now what
Moderna has a great many believers, thanks to its huge success developing and bringing to market its Spikevax coronavirus vaccine. Even at this (hopefully) late stage of the pandemic, Spikevax remains a go-to COVID jab, and in the U.S. is one of only four vaccines either approved or authorized for use by the Food and Drug Administration (FDA).
