Moderna (MRNA.US) stock erased all of the pre-market gains and is trading nearly 1.5% lower despite Jefferies upgrading its stance on the drug maker to ‘buy’ from ‘hold’, highlighting the company's opportunities in the field of cancer therapy.
The analysts also lifted the price target to $275 per share from $170, which indicates approximately 44.0 % upside potential from current price levels. “The Covid story is mostly understood and behind us and no longer the thesis on the stock,” wrote analyst Michael Yee.
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Open account Try demo Download mobile app Download mobile app“We see stock rebounding back up in 2023, a return of pipeline opportunities and a "story stock" as generalist and HC interest revisits the stock,” the analysts added in an upgrade note.
Yee also believes that the drug maker's experimental respiratory syncytial virus vaccine results could positively affect its share price.
Moderna (MRNA.US) stock price is down almost 24% year-to-date and has been moving sideways since March 2022. Recently price pulled back sharply, as buyers did not manage to keep the price above local resistance at $203.50, which coincides with 23.6% Fibonacci retracement of the last downward correction. If current sentiment prevails another downward impulse towards major support at $152.40 may be launched. Source: xStation5
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