Moderna has multiple booster candidates to combat omicron, says Piper Sandler

Piper Sandler analyst Edward Tenthoff reiterates an Overweight rating on Moderna with a $348 price target after the company announced plans to combat the new omicron variant. Moderna is measuring protection of a higher dose mRNA-1273 booster against omicron and is already testing two multi-valent boosters in the clinic including mRNA-1273.211 and mRNA-1273.213, Tenthoff tells investors in a research note. In addition, the company will rapidly develop an omicron-specific booster mRNA-1273.529, which could enter the clinic within 60-90 days, says the analyst. He says Moderna is in a better position to develop a novel Covid-19 vaccine and now has capacity to manufacture several hundred million vaccine doses every month. SARS-CoV-2 “is not going away and will provide years of future revenues” for Moderna, contends Tenthoff.

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