Shares of Moderna, Inc. (MRNA) rose 1.9% to close at $332.11 on Tuesday after the biotechnology company received the European Medicines Agency’s (EMA) approval for the third dose of its COVID-19 vaccine, Spikevax. The dose is authorized to be given after a minimum of 28 days of the second dose to severely immunocompromised individuals of 12 years or older.
Analysis from studies reflected the benefit of the third dose of COVID-19 vaccine in immunocompromised subjects. Particularly, a recent double-blind, randomized controlled trial of 120 individuals has shown that the third dose of the vaccine improved immune response compared to placebo with a high tolerance level.
Moderna CEO Stephane Bancel said, “We recognize the need to protect immunocompromised individuals who are at the highest risk of severe COVID-19 disease. It is promising to see recent trials demonstrating that a third dose of the Moderna COVID-19 vaccine may enhance immune response in this important population.”
Markedly, Moderna has received emergency authorization use of its COVID-19 vaccine in adults from varied health agencies in over 50 countries and an Emergency Use Listing (EUL) from the World Health Organization (WHO). (See Moderna stock charts on TipRanks)
On September 16, Needham analyst Joseph Stringer reiterated a Hold rating on the stock based on his belief that “success in COVID vaccine programs is fully reflected in the stock.”
“Substantial progress in additional vaccine, oncology, cardiovascular, and/or rare disease programs may impact our view towards valuation,” the analyst added.
Overall, the stock has a Hold consensus rating based on 7 Holds, 3 Buys and 2 Sells. The average Moderna price target of $363.13 implies 9.34% upside potential to current levels.
TipRanks’ Stock Investors tool shows that investors currently have a Neutral stance on Moderna, with 1.7% of investors maintaining portfolios on TipRanks increasing their exposure to MRNA stock over the past 30 days.
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