Biotech firm Moderna, Inc. (NASDAQ: MRNA) has filed for emergency use authorization (EUA) of its COVID-19 vaccine (mRNA-1273) in children aged between six months to under six years old to the U.S. Food and Drug Administration (FDA). The company has also submitted similar requests to other regulatory authorities globally.
Moderna has requested 25 μg two-dose primary series of mRNA-1273 for young children. The EUA application for children aged six months to under six years is likely to be completed by next week. Additionally, the company is researching booster doses for all pediatric cohorts.
Supporting Data
The application was filed based on positive interim results from the Phase 2/3 KidCOVE study, which was disclosed on March 23, 2022. The results demonstrated a strong neutralizing antibody response in the age bracket of six months to under six years after getting two-dose primary series of mRNA-1273.
It reflected 51% efficacy in the first group (six months to 23 months old) and 37% in the second group of children (two years to under six years old), along with a favorable safety profile.
Official Comments
The CEO of Moderna, Stephane Bancel, said, “We believe mRNA-1273 will be able to safely protect these children against SARS-CoV-2, which is so important in our continued fight against COVID-19 and will be especially welcomed by parents and caregivers.”
Wall Street’s Take
Following the clinical development, Brookline Capital Markets analyst Leah R. Cann maintained a Buy rating on Moderna with a price target of $506 (245.4% upside potential).
Cann said, “Based on our expectation that in addition to its already launched COVID-19 vaccine, Moderna will launch several of its development-stage products in the next six years, we estimate that Moderna’s total revenue will increase to $450.5 billion in 2030.”
The rest of the Street is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on five Buys, six Holds, and one Sell. The average Moderna price target of $272.88 implies 86.3% upside potential from current levels. Shares have lost ~18% over the past year.
Bloggers Weigh In
Bloggers seem to be collectively bullish when it comes to MRNA stock. TipRanks data shows that financial blogger opinions are 70% Bullish on MRNA. However, this is less than the sector average of 72%.
Ending Words
Positive clinical development, recent stock price performance, and analyst ratings should be factors in consideration before investing in Moderna.
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