Shares of biotech giant Moderna (NASDAQ:MRNA) jumped at the time of writing after the firm released positive Phase 3 results for its mRNA-1010 flu vaccine. This kindled optimism around its ventures beyond COVID-19 immunizations. Indeed, the company intends to combat a range of diseases, including cancer, as it gears up to spearhead a second Phase 3 trial. Moderna will be collaborating with Merck to develop mRNA-4157, which will target non-small cell lung cancer. Updates regarding this trial are expected to be shared in the fourth quarter.
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In a bid to cater to pressing medical needs, Moderna anticipates rolling out nearly 15 novel products in the coming half-decade, a prospect that will surely have traders glued to the company’s investor event later today for more juicy tidbits on its business trajectory.
What is the Prediction for MRNA stock?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on MRNA stock based on seven Buys, six Holds, and one Sell assigned in the past three months, as indicated by the graphic above. Nevertheless, the average price target of $167.79 per share implies 50.46% upside potential.
