Drugmaker Moderna (MRNA) - Get Moderna, Inc. Report got a downgrade on Monday from analysts at J.P. Morgan over what the investment bank sees as a ripe valuation based on the stock's current price levels.
J.P. Morgan analyst Cory Kasimov downgraded Moderna to neutral from overweight though raised his one-year price target to $89 from $60 amid what he expects to be a longer-term gains for the company's stock.
However, shares of Moderna fell more than 10% on Monday after Oxford University and AstraZeneca (AZN) - Get Report published promising data from an early stage trial of a key coronavirus vaccine study's suggesting Moderna may not be first to vaccine finish line.
Moderna stock has surged in recent months as various studies of its coronavirus vaccine candidate, mRNA-1273, have shown promising results in various clinical trials.
Moderna's vaccine has shown to produce coronavirus antibodies in trials, federal researchers said last week, something National Institute of Allergy and Infectious Diseases’ head Dr. Anthony Fauci has called “really quite promising.”
At the same time, Moderna is one of hundreds of companies seeking an effective vaccine, with no resolute proof that it has the recipe for success. More than 20 vaccine hopefuls are in human testing, and another 130 are in earlier phases of development, according to the World Health Organization.
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