Because Moderna’s shares went up today

What happened

Actions of Modern (NASDAQ: MRNA) It was up 10% on Thursday after Bank of America analysts posted a more optimistic outlook for the biotech company.

So

Bank of America analyst Geoff Meacham raised his price forecast for Moderna’s stock to $ 150 from $ 105. Meacham now believes the drug maker’s COVID-19 vaccine could be worth as much as $ 78 per share. compared to its previous estimate of $ 38.

A Phase 3 study of Moderna’s vaccine candidate, mRNA-1273, demonstrated an efficacy rate of 94.1% against COVID-19. Health researchers have also been struck by the fact that the drug appears to be 100% effective in preventing severe forms of the disease.

However, Meacham warned that Modena coronavirus-related revenue may not be sustainable in the long term. Therefore, it has kept its neutral rating on biotech stocks.

Now what

Moderna provided an update on the status of its COVID-19 vaccine candidate Thursday after the market closed. The company reported that participants in a Phase 1 mRNA-1273 study maintained high levels of neutralizing antibodies for 90 days after the second dose of the drug, suggesting the vaccine could provide “lasting” immunity to the disease.

Furthermore, Moderna said it remains on track to provide 20 million doses in the United States by the end of the year and up to 125 million doses worldwide in the first quarter of 2021.