On Friday, investment firm HSBC upgraded pharmaceutical and biotechnology company Moderna (NASDAQ:MRNA) to Hold from a previous Reduce rating despite recent sell-offs triggered by its Q3 earnings slump. Moderna shares gained an impressive 9% in Friday’s trading session.
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HSBC analyst Yifeng Liu said the present price reflects the Q3 update and current medium-term outlook for Moderna. Liu also lowered his price target on the stock to $69 from $89.
However, the analyst believes long-term concerns continue to cloud Moderna’s prospects. Notably, his primary worries are that Moderna’s combination vaccines may cannibalize the growth of its respiratory vaccines. He also noted developmental holdups in some of its other vaccines as likely headwinds.
Meanwhile, the Thursday sell-offs worsened a price slump that has plagued MRNA stock. This year, the shares have lost 60% of their value, although a resurgence in Friday’s session has offered a price boost.
What is the Prediction for MRNA Stock?
With four Buys, four Holds, and one Sell, Moderna stock has a Moderate Buy consensus rating. Further, the average MRNA stock price target of $144.63 implies 86.02% upside potential from current levels.
