Biotechnology company Moderna, Inc. (NASDAQ: MRNA) has signed a distribution service agreement with Uruguay-based pharmaceutical firm Adium Pharma for the sale of its COVID-19 vaccine, Spikevax, in Latin America.
The agreement covers 18 Latin American countries, including Brazil, Mexico, Colombia, and Argentina.
The CEO of Moderna, Stéphane Bancel, said, “A presence in Latin America is a key part of our global commercial strategy.”
The company has a commercial presence in 11 nations across the world. These include Australia, Canada, France, Germany, Italy, Japan, South Korea, Spain, Switzerland, the U.K. and the U.S. Additionally, it plans to boost its presence to include 10 more countries in Europe and the Asia Pacific region this year.
Massachusetts-based Moderna develops therapeutics and vaccines based on messenger ribonucleic acid (mRNA) for the treatment of infectious diseases, immuno-oncology, and cardiovascular diseases.
In the early-market hours on Wednesday, MRNA stock was trading 2% up at the time of writing.
Last week, Piper Sandler (NYSE: PIPR) analyst Edward Tenthoff reiterated a Buy rating on the stock with a $348 price target.
In a research note to investors, Tenthoff said the company has a “broad mRNA vaccine development strategy.”
At the beginning of this month, Simon Baker of Redburn Partners upgraded the rating on Moderna to Hold from Sell with a price target of $165.
Baker expects the U.S. sales of the company’s COVID-19 vaccine to fall from $3.43 billion in 2022 to $518 million in 2027.
Overall, the stock has a Hold consensus rating based on 4 Buys, 9 Holds and 1 Sell. The average MRNA price target of $265 implies 82.8% upside potential. Shares have lost 56.8% over the past six months.
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