Moderna (NASDAQ:MRNA) went up in trading following a surprise quarterly profit in the fourth quarter. The biotechnology company reported earnings of $0.55 per share compared to $3.61 per share in the same period last year. Analysts were forecasting the company to report a loss of $0.99 per share in Q4.
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The company posted Q4 revenues of $2.8 billion, a decline of 43% year-over-year, driven by a decline in COVID-19 vaccine sales. Still, revenue was above consensus estimates of $2.51 billion. Moderna also reported $600 million in deferred revenue from its work with Gavi, a global vaccine organization, during the quarter.
For FY24, Moderna has projected revenue of around $4 billion from its respiratory franchise. It also expects capital expenditures of $0.9 billion.
What Is the Forecast for MRNA Stock?
Analysts remain cautiously optimistic about MRNA with a Moderate Buy consensus rating based on seven Buys, five Holds, and one Sell. Over the past year, Modern has slid by more than 35%, and the average MRNA price target of $131.38 implies an upside potential of 38.1% at current levels. However, it is important to note that the analyst ratings will likely change in reaction to MRNA’s earnings.
