Moderna Shares Upgraded to Outperform by Oppenheimer Analyst
Oppenheimer & Co Analyst, Hartaj Singh, recently upgraded Moderna (MRNA) shares to “Outperform,” with a price target of $142 per share. This news has caused shares of the stock to trade over 13% higher on Tuesday.
Singh joins the Live show to discuss the reasons behind the upgrade and take a deeper dive into Moderna’s performance going forward. According to Singh, with the expected bottoming of Covid-19 demand, the company’s pipeline will be funded, which is crucial for its growth. He also mentions upcoming material catalysts that will further boost the company’s position.
Moderna may have seen shares slide nearly 45% in 2023, but it is kicking off the new year in positive territory. The stock surged today after Oppenheimer upgraded it to outperform. This upgrade is due in part to the expected rise in Covid-19 vaccine sales for the biotech company in 2025.
Oppenheimer analyst Hartaj Singh explains the reasons behind the upgrade, stating that the company’s performance has been improving over the last six to nine months. He also mentions the company’s pipeline, which is expected to see significant growth due to upcoming catalysts such as the RSV vaccine phase 3, flu vaccine, and cancer vaccines. Singh also notes that the company’s operating expenditures will decrease in 2024 and 2025, further solidifying its position for growth.
Singh also addresses the idea that vaccine uptake may have seen a bottom, stating that the hesitancy towards vaccines has been decreasing over the last six to nine months. He also mentions the successful efforts of the US in getting shots in arms, which he believes will continue globally. This, combined with the expected bottoming of Covid-19 demand, leads Singh to believe that the worst is behind the company and that it is set up for a successful 2025.
Oppenheimer’s upgrade of Moderna’s stock to “Outperform” with a price target of $142 per share has caused a surge in its shares. Singh, the analyst behind the upgrade, believes that the company’s performance has been improving and that its pipeline will see significant growth due to upcoming catalysts.
