The pharmaceutical and biotechnology company Moderna, Inc. (MRNA) has collaborated with Tabuk Pharmaceuticals to market its COVID-19 Vaccine and future, variant-specific booster candidates, in Saudi Arabia. Shares of the company declined 1.3% in Friday’s extended trading session.
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The financial terms of the deal have not been disclosed.
Per the agreement, Tabuk could get the opportunity to distribute other authorized Moderna mRNA products in the future.
Tabuk Pharmaceuticals, a fully-owned subsidiary of Astra Industrial Group, is a Saudi pharmaceuticals company.
Moderna CEO Stephane Bancel said, “We appreciate the collaboration of Tabuk Pharmaceuticals in this new partnership in Saudi Arabia.”
Bancel further added, “It is thanks to partnerships such as these that we are able to expand access to our vaccine globally, and we hope it will support the availability of our COVID-19 vaccine for the benefit of the people of Saudi Arabia.” (See Moderna stock analysis on TipRanks)
On June 10, Brookline Capital Markets analyst Leah R. Cann reiterated a Buy rating on the stock but increased the price target to $224 (2.4% upside potential) from $205.
Cann commented, “For a company at Moderna’s stage of development, which is largely pre-approval, we primarily focus on potential future revenue to value the company. Based on our expectation that in addition to its already launched COVID-19 vaccine, Moderna will launch several of its development-stage products in the next six years, we estimate that Moderna’s total revenue will increase to $100.1 billion in 2030.”
The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 6 Buys, 3 Holds, and 2 Sells. The MRNA average analyst price target of $194 implies 11.4% downside potential to current levels. Shares have increased 41.1% over the past six months.
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