The more than 230% rise in the stock since the start of the year has divided Wall Street as to “what will happen or if the vaccine will even work,” and investors are “extremely divided on the valuation,” said analyst Michael Yee, initiate stock when making a purchase.
“We think the street will be surprised on the upside if the COVID-19 vaccine works, is approved by the start of 2021, and there are several billion dollars in purchase orders in the United States and around the world.” , did he declare.
With a study of 30,000 terminally ill people scheduled to start this month, Moderna’s shot is leading the pack in the race to get the vaccine worldwide as the pandemic continues to spread.
Yee predicts that mRNA-1273, as the inoculation is known, will “at least” obtain emergency use authorization early next year. According to the World Health Organization, there are more than 20 candidates in human tests, while at least 130 other vaccines are in even more advanced stages of development.
The analyst has assigned the biotech company a price target of US $ 90, which is largely in line with analysts’ average price target of US $ 88 followed by Bloomberg. The Cambridge, Massachusetts-based company has 12 other purchases and a single holding rating, while no analyst monitoring Bloomberg currently considers it a sale.