Biotechnology company Moderna, Inc. (NASDAQ: MRNA) plans to expand its commercial presence in Europe. It aims to establish a commercial network in Belgium, Denmark, Norway, the Netherlands, Poland, and Sweden for easy delivery of mRNA vaccines and therapeutics.
Stéphane Bancel, the CEO of Moderna, said, “I look forward to furthering our collaborations with European researchers and partners to leverage our mRNA technology and expand treatment options to improve the lives of patients across Europe.”
The company already has commercial subsidiaries in Italy, France, Germany, Spain, Switzerland, and the U.K.
Based out of Massachusetts, Moderna develops therapeutics and vaccines based on messenger ribonucleic acid (mRNA) for the treatment of infectious diseases, immuno-oncology, and cardiovascular diseases.
Currently, the company has operations in 12 nations across the world with plans to establish a commercial presence in 10 more countries in Europe and the Asia Pacific region this year.
At the beginning of this month, Redburn Partners analyst Simon Baker upgraded the rating on the stock to Hold from Sell with a price target of $165.
In a research note, the analyst said, “The gap between the share price and our fair value has all but disappeared not yet to the extent of offering attractive upside but by enough to warrant no longer a Sell recommendation.”
Based on 4 Buys, 9 Holds and 1 Sell, Moderna has a Hold consensus rating. The average MRNA price target of $272.55 implies 79.5% upside potential from current levels. Shares have lost 51.6% over the past six months.
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