The shares of the pharmaceutical and biotechnology company, Moderna Inc. (MRNA), rose 6.6% to $219.57 on June 7 after it joined hands with Medison Pharma to market its COVID-19 vaccine across Central and Eastern Europe and Israel.
The financial terms of the deal were not disclosed. Notably, the deal covers about 20 countries in Central and Eastern Europe.
Medison Pharma is a commercial partner of highly innovative therapies in the international market.
Moderna’s Chief Commercial Officer Corinne Le Goff said, “We appreciate this new partnership with Medison Pharma to ensure successful delivery of our mRNA COVID-19 vaccine to market.”
He added, “Working together with our partners, we remain steadfast in our commitment to fighting the pandemic by delivering our vaccine to populations globally.” (See Moderna stock analysis on TipRanks)
Moreover, Moderna has submitted a conditional marketing approval (CMA) to the European Medicines Agency (EMA) to seek permission for the use of its COVID-19 vaccine on adolescents.
Following the filing for CMA in the European Union, Piper Sandler analyst Edward Tenthoff reiterated a Buy rating on the stock but increased his price target to $246.00 from $231.00. This implies a 12% upside potential.
The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 6 Buys, 3 Holds, and 2 Sells. The MRNA average analyst price target of $191.89 implies 12.6% downside potential from the current levels. Shares have increased 29.3% over the past six months.