Moderna’s (NASDAQ:MRNA) Phase 3 trial of its combination vaccine against the flu and COVID-19 has been successful. The biotech company announced on Monday that its Phase 3 trial of mRNA-1083, an investigational combination vaccine against the flu and COVID-19, showed that the vaccine had met its primary endpoints. Additionally, the vaccine had invoked a higher immune response than the other licensed vaccines used in the trial.
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Moderna is the first biotech company to release positive Phase 3 data on a COVID-flu combination shot, which could give the company a potential lead over other companies like Pfizer (NYSE:PFE) and Novavax (NASDAQ:NVAX).
Details of MRNA’s Combination Vaccine
The company’s Phase 3 clinical trial was a randomized, observer-blind, active control study that evaluated mRNA-1083 in two independent age groups of around 4,000 adults each. Moderna stated that it plans to present the Phase 3 data at a medical conference and submit it for publication. It also intends to engage with regulators as the next step.
Meanwhile, the company’s CEO, Stéphane Bancel, stated in an interview that the company plans to seek U.S. regulatory approval for its combination vaccine this summer and aims for market entry in 2025. Bancel added that these shots could ease the strain on pharmacists and the U.S. healthcare system, which is facing labor shortages.
What Is the Future Price of MRNA Stock?
Analysts remain cautiously optimistic about MRNA stock, with a Moderate Buy consensus rating based on seven Buys and Holds each and two Sells. Year-to-date, MRNA has increased by more than 50%, and the average MRNA price target of $132.67 implies a downside potential of 12.1% from current levels.
