Vaccine maker Moderna, Inc. (MRNA) announced that it has procured a supply order for an additional 50 million doses of its COVID-19 vaccine and its updated variant booster, if approved, for delivery in 2022. Shares were down 1.3% in pre-market trading at the time of writing.
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The company will join the S&P 500 today. Shares have been volatile since the news broke, gaining 23.8% in the past five days.
The company said it has partnered with the Ministry of Health, Labour, and Welfare of Japan (MHLW) and Takeda Pharmaceutical Company, Ltd. (TAK) for the new order.
Moderna will undertake the production and supply activities, while Takeda, along with the MHLW, will handle all import, local regulatory, development, and distribution activities in Japan for the additional 50 million doses.
Stéphane Bancel, Moderna’s CEO, said, “We thank the MHLW and Takeda for their support and for partnering with us to bring our mRNA COVID-19 vaccine to Japan…We remain committed to making our vaccine available around the world as we seek to address the pandemic.”
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 7 Buys, 4 Holds, and 2 Sells. The average Moderna price target of $206.55 implies 32.8% downside potential to current levels. Shares have gained 280% over the past year.
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