Moderna Is Up More Than 70% in a Month After a 9-0 FDA Vote. Wall Street's Average Price Target Says It Should Fall 44%. What Gives?
Yahoo Finance ·
Moderna ( MRNA +10.01% ) stock jumped about 10% on Thursday to $79.76 -- a fresh high for the year and the latest leg of a run that has carried shares up more than 70% in a month. The catalyst? In June, an FDA advisory panel voted 9-0 that the benefits of the company's mRNA flu vaccine outweigh its risks, with a final approval decision expected by Aug. 5. Yet the average analyst price target still sits at around $45. So what gives? When the market and the analysts covering a growth stock disagree this sharply, they are usually valuing very different things. The 9-0 vote -- covering adults 50 and older across two age groups -- puts Moderna on track to have the first mRNA-based seasonal flu vaccine in the United States, assuming the agency clears it by the Aug. 5 decision date. In its late-stage study, the shot showed relative efficacy about 27% higher than a licensed standard-dose vaccine in that age group.
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