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Moderna: On Track to Meet Targets, Says Analyst

Further validating Moderna’s (MRNA) already highly successful Covid-19 vaccine program, on Tuesday the company announced that the European Medicines Agency (EMA) had given the go ahead for a third dose of its COVID-19 vaccine, mRNA-1273 (Spikevax), to be administered to severely immunocompromised individuals over the age of 12 years old. The booster shot is to be given at least 28 days after the second dose.

“The authorization by the EMA, following FDA-authorization, and data published last month in the journal Science for mRNA-1273, make a compelling case for third doses of mRNA-1273,” said Brookline Capital analyst Leah R. Cann. “We estimate mRNA-1273 will be widely available in the EU and the US for additional doses.”

The European Union has already inked supply agreements with the vaccine maker in which the additional doses to be given are covered.

Nevertheless, the announcement validates Cann’s forecast for Moderna to globally “sell and deliver” an estimated 933 million doses of mRNA-1273 between December 2020 and the end of 2021, of which 410 million doses will go toward the US and 523 million doses to ex-US territories. Moderna has previously said it expects to produce at least 800 million doses in 2021. For 2022, Cann estimates Moderna will sell 689.5 million doses.

Looking further ahead, by 2030, Cann believes mRNA-1273, and “follow-on COVID-19 vaccines,” could reach sales of $51.4 billion and make up 11.4% of the company’s 2030 revenue.

Following FDA authorization on December 19, 2020, mRNA-1273 has been authorized in many counties across the globe, including Canada, Japan, Israel, the UK, Thailand, Switzerland, Australia, Singapore, Qatar, South Korea, Taiwan, the Philippines, Brunei, Paraguay, and India. An EUL (Emergency Use Listing) has also been granted by the World Health Organization (WHO).

All in all, Cann rates MRNA shares a Buy along with a $468 price target. This figure suggests the stock will be changing hands for a 49% premium a year from now. (To watch Cann’s track record, click here)

However, not all on the Street are quite as exuberant. MRNA stock’s Hold consensus rating is based 7 Holds, 3 Buys and 2 Sells. That said, shares are expected to yield returns of 16% over the coming months, given the average price target clocks in at $363.13. (See Moderna stock analysis on TipRanks)

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Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.