Moderna downgraded to 'Hold' at Needham, looks ‘fully-valued’

 

• Moderna (NASDAQ:MRNA), a potential winner in the COVID-19 vaccine race, receives a downgrade from Needham from ‘Buy’ to ‘Hold’ rating.
• The company’s COVID-19 jab, MRNA-1273, undergoing review across the world for regulatory approval, is scheduled to face the FDA Advisory Committee meeting next week, potentially leading to an Emergency Use Authorization.
• The analyst Alan Carr notes, with the development of the vaccine, "Moderna has made significant progress in 2020 towards validation of its mRNA platform” arguing, the stock, after a +770% YTD gain compared to the +18% rise in the S&P 500 Index, appears ‘fully valued’.
• Despite a potential upside from the EUA, Carr believes, the approval will not ‘justify a meaningfully higher price target’, until data emerge on ‘competitor vaccine updates and additional data from other Moderna programs’.
• Despite trading -4.27% lower today, the stock has gained more than a fifth in value over the past five days.
• https://seekingalpha.com/news/3642978-moderna-stock-downgraded-to-hold-needham-looks-fully-valued