Shares of biotechnology company Moderna (NASDAQ:MRNA) are tanking today after it announced interim Phase 3 data of seasonal influenza vaccine product candidate mRNA-1010.
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While the candidate showed seroconversion rate superiority for A/H3N2 and A/H1N1 as also on geometric mean titer ratios for A/H3N2, it failed to meet non-inferiority for seroconversion rates and geometric mean titer ratios for certain strains (influenza B/Victoria and B/yamagata lineage).
The company’s influenza vaccine pipeline includes five candidates. It is also developing combination vaccine candidates that can protect against multiple respiratory pathogens via a single vaccine.
Overall, Wall Street has a consensus price target of $221.67 on MRNA, implying a 28.65% potential upside in the stock. That’s after a nearly 9% drop in MRNA shares over the past month.
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