Moderna's blistering rally has room to keep going as the company works on its coronavirus vaccine candidate, according to one Wall Street analyst.
Piper Sandler on Wednesday boosted its price target for the biotechnology company to $134 from $100, implying more than 60% upside from where shares of Moderna were trading.
Moderna jumped as much as 18% on Wednesday after the company announced on Tuesday that all participants in a phase-one trial of its coronavirus vaccine candidate developed antibodies.
"We believe these data demonstrate clean safety and robust immunogenicity of the 100μg mRNA-1273 dose, supporting the planned Phase III start on July 27," Piper Sandler analysts led by Edward Tenthoff wrote in a Wednesday note.
Piper Sandler said it anticipates that "top-line" data from that phase-three trial could be reported in late 2020.
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In addition, Piper Sandler estimated that a coronavirus vaccine could generate revenue of $12.5 billion to $25 billion depending on the price per dose.
Moderna and Lonza, another biotech firm, are ramping capacity to produce roughly 250 million vaccines per year, Tenthoff wrote. Assuming a price of $75 per vaccine, that would bring in $18.75 billion in revenue, according to Piper Sandler.
Moderna has surged more than 320% year-to-date.
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