Moderna initiated with a Buy at Needham. Needham analyst Alan Carr kept his Buy rating and a price target of $28 on Moderna, citing his positive view of the company “leveraging an mRNA drug/ drug delivery platform to generate an extensive pipeline across oncology, infectious diseases, cardiology, and rare diseases.” With the company having “generated preclinical and clinical proof of concept of technology”, the analyst expects its first mRNA drug to hit the market around 2024. While mRNA space has other players, Carr sees Moderna having a “particularly strong position for long-term success” thanks to its “extensive resources and know-how.”
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