Pharmaceutical and biotechnology company Moderna (MRNA) has filed an application with the U.S. Food and Drug Administration to authorize emergency use of its COVID-19 vaccine in adolescents.
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On June 8, Moderna submitted a conditional marketing approval (CMA) request to European Medicines Agency (EMA) seeking the same.
Moderna CEO Stephane Bancel said, “We are pleased to announce that we have submitted an emergency use authorization request for our COVID-19 vaccine with the FDA for use in adolescents in the United States.”
He added, “We are encouraged that the Moderna COVID-19 vaccine was highly effective at preventing COVID-19 and SARS-CoV-2 infection in adolescents. We have already filed for authorization with Health Canada and the European Medicines Agency and will file with regulatory agencies around the world. We remain committed to helping to end the COVID-19 pandemic.” (See Moderna stock analysis on TipRanks)
Following the EUA request for use of the COVID-19 vaccine in adolescents, Brookline Capital Markets analyst Leah R. Cann reiterated a Buy rating on the stock and increased her price target to $224 (3.2% upside potential) from $205.
Cann said, “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.”
Cann added, “However, as is the case with development-stage companies, these estimates do carry a degree of risk.”
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 10.6% downside potential from current levels. Shares have increased 38.3% over the past six months.
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