Why is Moderna stock up 10% on Wednesday?
Moderna Inc (NASDAQ: MRNA) is up more than 10% on Wednesday after a child tested positive for avian influenza in Australia.
Why is significant for Moderna stock?
It’s the first human case of bird flu recorded in the land down under. The child tested positive was travelling from India, as per the authorities.
Roy Buchanan – a Citizens JMP analyst expects the news to be significant for $MRNA particularly if the H5N1 strain turns into a worldwide concern.
That’s because the biotech giant has a vaccine currently in a Phase 2 trial that “targets the same evolutionary group as the avian influenza virus” – and it’s convinced that vaccine can be easily adapted to new mutations as well.
Moderna stock is now up a whopping 90% versus its year-to-date low.
Is $MRNA worth buying in May?
The news arrives only a day after Josh Brown of Ritholtz Wealth Management said $MRNA “was on his radar”.
On the flip side, however, Evercore ISI analyst Cory Kasimov assumed coverage of the Nasdaq-listed firm last week with an “in line” rating. His $120 price suggests about a 25% downside from here.
Kasimov remained rather cautious on standalone prospects for the company’s COVID and flu vaccines in a recent research note. Note that Moderna stock is currently trading right at its 200-day moving average.
Failure to break above the $160 level could see it relinquish the recent gains. Shares of the biotech firm do not pay a dividend at writing either.
The post Why is Moderna stock up 10% on Wednesday? appeared first on Invezz
