Moderna Expands Partnership with Aldevron; Shares Rise 2%
Moderna, Inc. (MRNA) is expanding its partnership with Aldevron, LLC to support the biotech company’s COVID-19 vaccine and other programs in its development pipeline.
Shares of the biotech company rose almost 2% on May 24 to close at $164.17.
Aldevron is a manufacturing partner in the global genetic medicine field. Per the terms of the deal, Aldevron will supply plasmid DNA, which will act as the genetic template to produce Moderna’s COVID-19 mRNA vaccine and additional investigational programs.
Moderna’s Chief Technical Operations and Quality Officer Juan Andres said, “Aldevron has been a long-standing partner of Moderna. We appreciate their collaboration and their expertise in the biologics space.” (See Moderna stock analysis on TipRanks)
On May 21, Piper Sandler analyst Edward Tenthoff reiterated a Buy rating and a price target of $231 (40.7% upside potential) on the stock.
Tenthoff believes that the approval of mRNA-1273 by the Japanese and South Korean governments will spur additional growth for the vaccine. He expects mRNA-1273 revenues of $13.07B and $21.25B in 2021 and 2022, respectively.
The rest of the Street is cautiously optimistic about the stock, with a Moderate Buy consensus rating. That’s based on 6 Buys, 4 Holds, and 2 Sells. The average analyst price target of $174.18 implies 6.1% upside potential to current levels. Shares have gained 50.4% over the past six months.
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