And just like that, the global race to advance a COVID-19 vaccine got turned up a notch. On Monday, mRNA specialist Moderna (MRNA) announced positive data regarding its COVID-19 vaccine candidate, mRNA-1273.5-star Oppenheimer’s Hartaj Singh applauds Moderna’s “unprecedented pace of development” and highlights the vaccine’s potential to accelerate the mRNA platform’s progress. In the first stage of the Phase 1 study across three different dose groups (25, 100, 250 µg), following the analysis of eight patients’ data, all developed neutralizing antibodies which stopped the virus from replicating. Additionally, the study showed the vaccine was safe, and that the higher the vaccine dose, the more antibodies were produced, matching or exceeding the level of antibodies in people who have recovered from COVID-19. These are the first results to come from human trials of a vaccine against COVID-19. The company plans to initiate mRNA-1273's Phase 2 shortly and Phase 3 in July. Singh commented, “Based on the strong immunogenicity data and tolerable safety profiles mRNA-1273 has demonstrated, we increase the probability of success of mRNA-1273 to 50%… We continue to see a fast-rising opportunity for MRNA as mRNA-1273 leaps closer toward potential commercialization. As the opportunities following mRNA-1273 assume a weightier share of our valuation going forward, we remind investors of the potential of the mRNA platform, and its potential to bring forward a new class of medicines.” Bearing this in mind, Singh reiterated an Outperform rating on Moderna shares, while boosting the price target from $62 to $108. Should the analyst’s thesis play out in the coming months, 47% upside could be in the cards. (To watch Singh’s track record, click here) Most of the Street agrees with the Oppenheimer analyst. The analyst consensus rates MRNA a Strong Buy based on 9 Buys and 2 Holds. The $91.78 average price target indicates possible upside of 25% over the coming months. (See Moderna stock analysis on TipRanks) To find good ideas for healthcare stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
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