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Moderna stock gains as TD Cowen upgrades on favorable catalyst path
© Reuters Moderna (MRNA) stock gains as TD Cowen upgrades on favorable catalyst path
By Senad Karaahmetovic
TD Cowen analysts upgraded Moderna (NASDAQ:MRNA) shares to Outperform from Market Perform with the price target raised to $180 per share from the prior $150.
The analysts outline several catalysts that could help drive Moderna shares higher.
“MRNA will be a leader in RSV, and we expect flu A VE data by month's end to be superior. The PCV data at AACR/ ASCO will be good and likely show a widening of RFS over time,” they wrote in an upgrade note.
TD Cowen analysts also discussed rare disease drugs that could generate roughly $1 billion in peak sales.
“If MRNA is able to advance ~1 program per year, the rare disease franchise could point to ~$5B of annual peak sales in 5 years time. The PA data are strong and de-risks the other programs.”
They also don’t believe that the company will have to raise cash despite increased operating expenses.
“Given the catalysts ahead, shares are more likely to go to $180 than $100,” the analysts added.
Moderna shares are trading almost 5% higher today.
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