Biotechnology company Moderna, Inc. (NASDAQ: MRNA) recently revealed that it is preparing two booster shots to target different Omicron subvariants of the coronavirus in different countries.
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Shares of Moderna remained almost static to close at $176.72 in yesterday’s extended trade.
Different Boosters for Different Regions
In the European Union (EU), the U.K., and Australia, the pharmaceutical giant is seeking authorization for the use of mRNA-1273.214. This vaccine targets both the ancestral strain of the coronavirus and the BA.1 subvariant of Omicron.
Meanwhile, in the U.S., the company’s vaccine will be mRNA-1273.222. This vaccine will attack both the ancestral strain and the BA.4 and BA.5 subvariants of Omicron. Notably, the BA.5 and BA.4 subvariants accounted for almost 54% and 17% of U.S. COVID cases in the week ended July 2, respectively.
Moderna’s development of the booster shots started after a prod from the Food and Drug Administration (FDA). The FDA remains worried about these new subvariants and expects the booster shots to be available by early to mid-fall.
What Are Analysts Saying About the Moderna Stock?
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on five Buys, five Holds, and one Sell. The MRNA average price target of $221 implies the stock has upside potential of 26.1% from current levels. Shares have declined 26.8% over the past year.
Investors Seem Positive About Moderna
The TipRanks’ Stock Investors tool shows that top investors currently have a Very Positive stance on MRNA. Further, 10.6% of the top portfolios tracked by TipRanks, increased their exposure to MRNA stock over the past 30 days.
Parting Thoughts
With the omicron subvariants, the Coronavirus has again reared its ugly head. Moderna’s booster shots in such a situation are expected to be timely protection against the same, that too, with the approaching winter season when the virus is more prone to attack.
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