Just this morning, Moderna (MRNA) was downgraded by JP Morgan on valuation concerns.
In fact, analyst Cory Kasimov said that while he is bullish on the stock, MRNA can no longer support the stock’s valuation.
On that news, MRNA fell $10. However, the pullback may not last long thanks to strong COVID-19 study results. Remember, not only ago, MRNA announced its vaccine was found to induce immune responses in every volunteer in a Phase 1 study.
“These early results, published in the New England Journal of Medicine on Tuesday, showed that the vaccine worked to trigger an immune response with mild side effects — fatigue, chills, headache, muscle pain, pain at the injection site — becoming the first US vaccine candidate to publish results in a peer-reviewed medical journal,” says CNN.
Plus, according to Investor’s Business Daily, “A midsize dose of the coronavirus vaccine generated several times more antibodies following a second injection than the level seen in patients who’ve already recovered from Covid-19. The presence of antibodies could indicate a person is immune to the virus.”
Now, the company is preparing to move into Phase 3 studies. If it sees further success, MRNA could easily run to $100 a share.