Moderna Inc (NASDAQ: MRNA) shares have tanked more than 20% from record levels noted on Monday after reporting market-beating quarterly results last week. Much of the decline was driven from BofA’s Geoff Meacham, who said in a note yesterday that the biotech firm should be about 75% below its current price.
Hartaj Singh’s comments on CNBC’s “Squawk on the Street”
Commenting on the price action, Oppenheimer biotech analyst Hartaj Singh, who also downgraded Moderna ahead of its earnings last week, said on CNBC’s “Squawk on the Street”:
“I think Moderna is a great company with great clinical execution and forward-thinking management. They’re doing great work in saving the planet with their COVID-19 vaccine. What’s going on with the stock is just the tension between forward expectation and what people think they can deliver in terms of COVID-19 versus the pipeline.”
Moderna is a company that didn’t have a product in the market before the pandemic. Besides COVID-19, Hartaj expects the pharmaceutical company to find its future in the flu vaccine against the Cytomegalovirus, rare diseases, and cancer vaccines. He expects Moderna to outline its strategy for the future in the R&D Day on September 6th, until which the outlook remains unclear.
Moderna recommends a third booster shot of its vaccine
In the earnings release, Moderna also recommended a third booster shot of its vaccine necessary before winter, on top of the two doses that have been shown to have an efficacy of 93% against the Coronavirus for six months.
“We’ve been expecting booster to be a part of the story going forward. I do think boosters will be important both for Moderna and Pfizer and will give them a scarcity value as for a couple of years, I don’t think any other company will be able to have mRNA boosters like they do,” Hartaj added.
The post Analyst: “no other company will have an mRNA booster like Moderna” appeared first on Invezz.
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Wajeeh Khan
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