Piper Sandler Reiterates Overweight Rating on Moderna (MRNA)

Piper Sandler analyst Edward Tenthoff reiterated an Overweight rating and $115.00 price target on Moderna (NASDAQ: MRNA).

The analyst commented, "The Advisory Committee on Immunization Practices (ACIP) of the CDC voted unanimously to increase the recommended number of COVID vaccinations from one to two annually for older adults (>64) and moderately or severely immunocompromised individuals who are 6 months or older. Additionally, ACIP recommended 3+ doses could be given to immunocompromised individuals at the recommendation of their healthcare providers. In August, the FDA approved updated monovalent SpikeVax vaccine targeting KP.2 variant. While COVID vaccination rates are declining, multiple vaccinations in at-risk populations could provide upside to current product sales guidance of $3-3.5 billion this year and $2.5-3.5 billion in 2025. Moderna will file BLAs for next-gen COVID vaccine mRNA-1283, combo flu+COVID vaccine mRNA1083 and mRESVIA in high-risk adults, which could gain expedited approval in 2025. Moderna ended 2Q:24 with cash of $10.8 billion; sufficient to reach cash flow breakeven. We reiterate our Overweight rating and $115 price target."

For an analyst ratings summary and ratings history on Moderna click here. For more ratings news on Moderna click here.

Shares of Moderna closed at $53.39 yesterday.

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