UBS upgrades CureVac after ‘major milestone and clearing event’

UBS analyst Eliana Merle upgraded CureVac to Buy from Neutral with a price target of $18, up from $8. The analyst sees the initial data from the company’s second generation mRNA platform as a "major milestone and clearing event." The first data of the platform’s immunogenicity in humans us a "major inflection point for the story" and suggests a potentially competitive mRNA platform for CureVac relative to peers, Merle tells investors in a research note. She sees an "underappreciated opportunity" for the company at current valuation levels.