Why Moderna Stock Zoomed 7% Higher Today
Coronavirus stock Moderna (NASDAQ: MRNA) had a Monday reminiscent of some of its more bullish days in the thick of the pandemic. The biotech's share price rocketed about 7% higher, thanks in no small part to an analyst's recommendation upgrade.
On Monday morning, TD Cowen prognosticator Tyler Van Buren changed his recommendation on Moderna from market perform (read: hold) to outperform (buy). In doing so, he hiked his price target on the biotech stock 20% higher, from $150 per share to $180.
Van Buren sees several catalysts that should push Moderna ahead in the coming years. He pointed out in a new research note that the company will be a leader in the treatment of respiratory syncytial virus (RSV), a common respiratory tract infection. Moderna is also set to publish data from a clinical trial of a flu vaccine by the end of this month, which the analyst expects will be "superior."
Source Fool.com
