Piper ups Moderna target to $102 on ‘potential blockbuster’ COVID vaccine

Piper Sandler analyst Edward Tenthoff raised the firm’s price target on Moderna to $102 from $57 and reiterates an Overweight rating on the shares. The stock in morning trading is up 24%, or $15.81, to $82.50. Moderna this morning announced positive interim Phase I data for its SARS-CoV-2 vaccine candidate mRNA-1273 in 45 healthy subjects from three dose cohorts, Tenthoff tells investors in a research note. Safety was “exceedingly clean” at the go-forward 25 microgram and 100 microgram doses and all patients seroconverted by day 15 after a single dose, adds the analyst. He believes mRNA-1273 could be available early next year with “potential blockbuster’ sales. Moderna partnered with Lonza to increase vaccine manufacturing capacity up to 1 billion doses per year, which could provide Moderna with annual mRNA-1273 revenues of $10B, Tenthoff estimates.

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