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.
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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