Pharmaceutical and biotechnology company Moderna, Inc (MRNA) recently announced that it has signed a supply agreement with the government of Peru to deliver 20 million doses of its COVID-19 vaccine.
Following the news, shares of the company dropped 5.4% on Friday. The stock pared its losses slightly to close at $432.94 in extended trade.
Moderna’s COVID-19 vaccine is not approved in Peru. The company is looking to work with the regulatory authorities of the country to pursue necessary approvals prior to the distribution of the vaccine.
The Chief Commercial Officer of Moderna, Corinne Le Goff, said, “We appreciate the support from the government of Peru with this supply agreement for doses of the Moderna COVID-19 vaccine. “We are committed to making our vaccine available around the world as we seek to address the pandemic with our COVID-19 vaccine.” (See Moderna stock chart on TipRanks)
Recently, Goldman Sachs analyst Salveen Richter reiterated a Buy rating on the stock. The analyst’s price target of $461 implies upside potential of 7.2% from current levels.
Consensus among analysts is a Hold based on 3 Buys, 8 Holds and 2 Sells. The average Moderna price target of $338.89 implies downside potential of 21.2% from current levels.
Moderna scores a 7 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market expectations. Shares have gained about 509.7% over the past year.
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