Category: Stock Market

All eyes were on Moderna, which sparked a big rally on Wall Street after announcing promising early trial data of a coronavirus vaccine that is the furthest along among U.S. biotechs in the race.

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Professor of Medicine at Yale and Director of The Yale New Haven Hospital Center for Outcomes Research and Evaluation Dr. Harlan Krumholz joins Yahoo Finance’s Seana Smith to discuss Moderna’s recent headway in early-stage coronavirus vaccine trial.

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J.C. Penney plans to close roughly 29% of its department stores as part of its bankruptcy. According to documents, 242 stores are slated to close.

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Investors going long may find the best opportunities in technology and ‘serendipity’ stocks, says strategist James McDonald, CEO of Hercules Investments. 

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Shares of Square Inc (NYSE: SQ) have gained around 28% year to date.Although the gradual reopening of the U.S. economy may be an incremental positive for brick-and-mortar merchants, small- and mid-sized companies have yet to witness a trough in churn, according to BofA Securities.The Square Analyst Jason Kupferberg downgraded Square from Buy to Underperform with an unchanged $84 price target. The Square Thesis While stimulus funds may provide temporary relief, a significant number of small- and mid-sized businesses may struggle to remain afloat, especially if the economy reopens only partially, Kupferberg said in the Monday downgrade note. (See his track record here.)Around 75% of Square's payment volume comes from merchants with less than $500,000 in annual card volume, the analyst said. Despite this backdrop, the stock has outperformed the S&P500 by around 4,000 basis points so far this year, he said. Although the consumer-facing Cash App business is performing well, the Seller segment represents around 70% of the company, Kupferberg said.The reopening of the US economy is uneven, creating uncertainty around a recovery in Square's gross payment volume, which the analyst said "will likely vary significantly across a range of spending categories."While expressing optimism over Square's competitive positioning in the long-term, BofA said wrote the stock "has moved too far and too fast relative to its near-term fundamental prospects."SQ Price Action Shares of Square were down 2.18% at $78.51 at the time of publication. Related Links: Along With Dramatic Jobs Data, Investors Scrutinize Recent Earnings From Uber, Square10 Biggest Price Target Changes For FridayPhoto courtesy of Square. Latest Ratings for SQ DateFirmActionFromTo May 2020Stephens & Co.DowngradesOverweightEqual-Weight May 2020B of A SecuritiesDowngradesBuyUnderperform May 2020BarclaysMaintainsOverweight View More Analyst Ratings for SQ View the Latest Analyst Ratings See more from Benzinga * Coca-Cola CFO Says Trough Will Come In Q2, Says Bullish Credit Suisse * BofA Downgrades Canada Goose On Projected Revenue Decline * Cantor Cuts Canopy Growth Target After Warrants Exercise(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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(Bloomberg) — Moderna Inc. got a new Wall Street-high price target from Goldman Sachs as its shares traded at a record after the biotech company revealed positive early results from its experimental vaccine for Covid-19.An initial look at mRNA-1273, as the inoculation is known, “hits the mark,” analyst Salveen Richter said, raising her price target to $105 from $63, or 27% above the prior Street high of $83. Richter rates Moderna a buy. Piper Sandler analysts soon followed raising their price target to $102 from $57 saying Moderna could have “potential blockbuster vaccine sales next year.”The Nasdaq Biotechnology Index rose as much as 2.8% and is on track to close at a record high after Moderna’s test results. Moderna shares rose as much as 30%. The entire U.S. stock market rose as the first look at a potential vaccine for the disease responsible for the pandemic kindles hope for an end to the shutdowns hobbling economic growth across the globe.Investors are excited “the vaccine was able to elicit an antibody response at just two weeks post-dose,” Richter wrote in a client note. She was also positive on the activity seen in lower doses, which should bode well for Moderna’s ability to extend its capacity to provide more vaccine. Moderna is now seen having a 75% chance of success, whereas Goldman had previously modeled 70% odds.Goldman was the lead manager on Moderna’s most recent stock offering in mid-February, which raised cash at $19 a share. The stock has surged nearly four-fold since then. Only one of 12 analysts tracked by Bloomberg rates Moderna a hold, while the rest rate it the equivalent of a buy.Piper Sandler’s Edward Tenthoff said mRNA-1273 could be a $10 billion a year drug if approved. Former GlaxoSmithKline Plc executive Moncef Slaoui, who is set to become the chief scientist for Operation Warp Speed and is on Moderna’s board, has said that getting a vaccine by January is a “credible objective.”(Updates to add Piper Sandler price target raise)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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In an early stage clinical trial, Moderna’s COVID-19 vaccine produced antibodies that will help ‘neutralize’ coronavirus in patients. Moderna CEO Stéphane Bances joins Yahoo Finance’s On the Move to discuss.

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