Pharmaceutical and biotechnology company Moderna, Inc. (NASDAQ:MRNA) recently revealed that it has entered into a revised supply agreement with the South Korean government for the delivery of additional COVID-19 vaccine doses.
Following the news, shares of the company declined marginally to close at $246.01 in Monday’s extended trading session.
Details of the Agreement
Under the terms of the agreement, Moderna will supply 20 million doses of its COVID-19 vaccine or an updated booster vaccine candidate.
The company is likely to deliver 15 million doses in the third quarter of 2022 and 5 million doses in the fourth quarter of 2022.
Management Commentary
The CEO of Moderna, Stéphane Bancel, said, “We thank the government of South Korea for their planning ahead for the fall 2022 booster season with this supply agreement for our mRNA COVID-19 vaccine and booster. We remain committed to helping to end the COVID-19 pandemic.”
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Analyst’s Ratings
Recently, Goldman Sachs analyst Salveen Richter reiterated a Buy rating on the stock with a price target of $395, which implies upside potential of 60% from current levels.
Consensus among analysts is a Hold based on 6 Buys, 6 Holds and 3 Sells. The average Moderna price target of $311.83 implies upside potential of 26.3% from current levels. Shares have gained 121.6% over the past year.
Investors’ Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on MRNA. Further, 7.4% of portfolios tracked by TipRanks reduced their exposure to MRNA stock over the past 30 days.
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