Moderna (NASDAQ:MRNA) has entered into an agreement with a subsidiary of Hong Kong-based biopharmaceutical company, Harbour BioMed, to discover and develop nucleic acid-based immunotherapies for treating certain cancers, using Harbour’s heavy chain only antibody discovery platform (HCAb).
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As per the agreed terms, Moderna will be entitled to access a panel of sequences against multiple targets that were derived from Harbour’s HCAb platform. Further, Moderna will have the option to obtain an exclusive sub-licensable license to exploit sequences against additional targets.
Meanwhile, Harbour’s subsidiary Nona Biosciences will receive an upfront amount and some milestone payments based on the achievement of certain regulatory, development, and sales milestones, along with tiered royalties.
What is the Prediction for Moderna Stock?
At TipRanks, MRNA currently has an average price target of $196.55 implying 16.61% upside potential. Wall Street is bullish on the stock with a Moderate Buy consensus rating based on seven Buys and five Holds assigned in the past three months.
