In something of an unexpected twist, biotech stock Moderna (NASDAQ:MRNA) rolled out the results on a flu shot and COVID-19 combination shot and revealed that the early-stage results were promising. Despite this, Moderna stock gained fractionally, with investors perhaps understanding that it’s not likely to be a big sales winner any time soon.
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The good news is that the Phase 1 and 2 trials for Moderna’s new product turned out solidly. Now, Moderna is getting its collective ducks in a row to launch a Phase 3 study for mRNA-1083, the temporary name for the flu and COVID-19 combo shot. The trials—which are ongoing—are designed to measure the effectiveness of mRNA-1083 against several other products, including GlaxoSmithKline (NYSE:GSK) and Sanofi (NASDAQ:SNY) releases like Fluarix and Fluzone HD. Further, it needs testing against Moderna’s own Spikevax, a COVID-19 booster.
The good news was that the phase 1 and 2 trials showed that mRNA-1083 generated a “strong” immune response against both influenza and COVID-19. In fact, reports note that mRNA-1083 generated antibody titers that were either a match for or more than a match for the current licensed flu shot and the latest COVID-19 vaccine. That could give it an advantage later on, but given the highly politicized nature of COVID-19 shots—and, increasingly, flu shots as well—there may not be as much of a bottom-line bump as Moderna and its investors might want to see.
What is the Stock Price Target for Moderna?
However, analysts are largely on Moderna’s side here. Currently, Moderna stock is a consensus-rated Moderate Buy, thanks to six Buy ratings, six Holds, and one Sell. Further, with an average price target of $164.19, Moderna stock offers investors 58.91% upside potential.
