On Monday, Brookline Capital Markets maintained its Buy rating and $310.00 price target for Moderna (NASDAQ:MRNA), listed on NASDAQ:MRNA. This affirmation follows the announcement of positive phase III results for mRNA-1083, Moderna's combined flu and COVID-19 vaccine candidate.
"Combination vaccines have the potential to provide ease-of-use for administration and availability and can be more convenient for patients," said the analyst. This could potentially lead to greater adoption and compliance for vaccinations in the United States.
The results, which arrived slightly ahead of schedule, support the firm's positive outlook for Moderna. Despite not including mRNA-1083 in their current financial outlook, Brookline Capital Markets anticipates that the combination vaccine could supplant some sales of the individual flu and COVID-19 vaccines accounted for in their projections. However, they do not expect it to significantly alter the total sales of these products.
The biotech firm's combined Covid-19 and influenza vaccine, mRNA-1083, has demonstrated superior efficacy in Phase III trials, particularly in older age groups. The company plans to seek FDA approval, aiming for a market launch by 2025. Analysts from Jefferies and Morgan Stanley (NYSE:MS) have maintained their respective Buy and Equalweight ratings for Moderna, with price targets of $180 and $95.
In other news, Moderna's mRNA-4157, in collaboration with Merck, has shown promising results in reducing the risk of recurrence or death in high-risk melanoma patients by 49% compared to KEYTRUDA alone. Furthermore, the company has received FDA approval for mRESVIA, a vaccine designed to protect adults aged 60 and over from lower respiratory tract disease caused by the Respiratory Syncytial Virus (RSV). This approval led RBC Capital Markets to upgrade Moderna's shares.
In addition, Moderna, along with Pfizer (NYSE:PFE), BioNTech (NASDAQ:BNTX), and Novavax (NASDAQ:NVAX), has developed updated COVID-19 vaccines that display increased efficacy against new strains such as KP.2. These are recent developments showcasing Moderna's ongoing commitment to addressing unmet medical needs.
InvestingPro Insights
As Moderna (NASDAQ:MRNA) garners attention with its latest vaccine developments, insights from InvestingPro offer a deeper financial perspective. Notably, Moderna holds more cash than debt on its balance sheet, providing a solid foundation for future investments and research. Additionally, despite analysts anticipating a sales decline in the current year, there has been a strong return over the last month, with a 28.73% increase in the stock price. This uptick reflects investor confidence potentially spurred by the positive phase III results and future prospects. The company's P/E Ratio stands at -9.58, indicating that the market expects growth or a return to profitability, which aligns with the nine analysts who have revised their earnings upwards for the upcoming period.
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