CureVac (NASDAQ: CVAC) jumped by more than 8% in pre-market trading on Thursday as UBS analyst Eliana Merle upgraded CVAC to a Buy from a Hold and bumped up the price target on the stock to $18 from $8 earlier. Merle’s price target implies an upside potential of 89.8% at current levels.
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The analyst was encouraged by the impressive results from CVAC’s Phase-1 clinical trial for its mRNA-based COVID-19 and flu vaccine candidates.
These results have fueled a more than 40% rally in the stock over the last 30 days.
Merle is of the opinion that this initial clinical data was a “major milestone and clearing event” and the immunogenicity in humans from the vaccines was a “major inflection point for the story.”
Despite the recent stock rally, the analyst believes CVAC could soar further and the stock offers an “underappreciated opportunity” at the current valuation.
Overall, analysts are cautiously optimistic about CVAC stock with a Moderate Buy consensus rating based on four Buys, one Hold, and one Sell.
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