+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Moderna will spike another 25% from current levels after encouraging progress on coronavirus vaccine, Goldman says

May 18, 2020, 23:02 IST
Business Insider
The biotech Moderna is developing experimental cancer vaccines.Moderna
  • Goldman Sachs lifted its price target for Moderna stock to $105 from $63 on Monday after first trials for its coronavirus drug showed "encouraging" results.
  • Moderna announced Monday that all 45 volunteers in the trial produced antibodies to protect against COVID-19 infection. Shares jumped as much as 39% on the news.
  • The new price target implies a 25% leap from Moderna's price at 12:25 p.m. ET.
  • Analyst Salveen Richter raised the vaccine's probability of success to 75% from 70%, and projected phase-two studies will begin this quarter.
  • Watch Moderna trade live here.
Advertisement

Moderna has a new biggest bull on Wall Street who sees the biotech's stock surging on its experimental coronavirus vaccine.

Goldman Sachs lifted its 12-month price target for Moderna shares to $105 from $63 on Monday, citing "encouraging" results from the company's mRNA-1273 treatment. The company announced Monday that all 45 volunteers in a phase-one trial produced antibodies that may protect them from COVID-19.

The biotech company's stock leaped as much as 39% to record highs in early Monday trading. The trial results helped drive the S&P 500 index as much as 3.3% higher.

Goldman analyst Salveen Richter raised the program's probability of success to 75% from 70% following the positive results. The bank is "optimistic on the forward outlook for the vaccine" and expects phase-two trials to begin in the current quarter. Phase-three studies will start in July, Richter estimated.

Read more: Small companies are the biggest post-coronavirus battleground on Wall Street. 4 of the world's best fund managers share their strategies for the space — and the single stocks they love.

Advertisement

Goldman's new target implies a 25% jump from the stock's price as of 12:25 p.m. ET. The new target surpasses the previous Wall Street high of $83.

Moderna shares have more than quadrupled in the year-to-date as the firm races to develop the first coronavirus vaccine. The company hopes to have a vaccine ready for use by the fall, fast-tracking the trial process as global COVID-19 cases continue to soar.

Moderna has 11 "buy" ratings and one "hold" rating from analysts, according to Bloomberg data.

Now read more markets coverage from Markets Insider and Business Insider:

Billionaire investor Howard Marks says 'artificially supported' markets will fall when the Fed's aid slows

Advertisement

Fed's Powell says an economic recovery could take until the end of 2021 — but doesn't see a full-blown depression taking hold

GOLDMAN SACHS: Buy these 21 cheap, unappreciated stocks that offer above-average growth potential right now

Markets Insider

Read the original article on Business Insider
You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article