Goldman ups Moderna price target to $105 on ‘encouraging’ vaccine data

Goldman Sachs analyst Salveen Richter raised the firm’s price target on Moderna to $105 from $63 and keeps a Buy rating on the shares. The stock in early trading is up 19%, or $12.89, to $79.58. Moderna this morning reported “encouraging” Phase 1 interim safety and immunogenicity data for its potential COVID-19 vaccine mRNA-1273, Richter tells investors in a research note. The vaccine candidate was safe and well tolerated and all 45 participants across the three dose levels developed antibodies against SARS-CoV-2 by day 15 after a single dose, adds the analyst. Importantly, says Richter, neutralizing antibodies in the initial participants across the 25 microgram and 100 microgram dose cohorts were at or above levels seen in convalescent sera. The analyst is positive on the results and optimistic on the forward outlook for the vaccine. Richter raised the probability of success for the mRNA-1273 vaccine programs to 75% from 70% prior.