Shares of biotechnology company Moderna (NASDAQ:MRNA) are rising today on a slew of developments. Merck (NYSE:MRK) has exercised the option to develop and bring to market Moderna’s personalized cancer vaccine under joint development.
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The candidate is presently being studied in combination with Keytruda for the treatment of melanoma. Importantly, Moderna will receive $250 million from Merck on exercising this option.
Separately, Moderna has exercised the option for licensing Autolus Therapeutics’ (NASDAQ:AUTL) binders for an undisclosed target.
Is MRNA Stock a Buy?
Moderna Stock has been at the receiving end of broader market gyrations having dropped nearly 43% year-to-date.
The Street though remains cautiously optimistic about MRNA stock with a Moderate Buy consensus rating based on five Buys, four Holds, and a Sell.
Further, the average price target of $214.63 points to a 59.58% potential upside for the stock.
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