Biotech’s stock falls for nine straight days toward a three-year low, but UBS’s Eliana Merle targets a doubling over the next 12 months
Shares of Moderna Inc. were in danger of breaking their record for consecutive declines as investors express increasing caution over slowing sales of COVID vaccines.
Merle reiterated the buy rating she’s had on the stock MRNA, -0.41% since late June. Although she trimmed her 12-month stock-price target by 6.8%, to $178 from $191, her new target still implied 122% upside from current levels. “We think investors remain focused on the trajectory of COVID vaccine revenues, though we think investor caution remains high,” Merle wrote in a note to clients. “For , we think the revenue number itself matters less given the majority of revenues are expected to be in .”
She believes Moderna’s broader pipeline beyond COVID is “underappreciated,” particularly the company’s latent virus portfolio. Adding in the expected pipeline value drives her target up to $178.
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