Moderna COVID Vaccine Still Has 'Best-In-Class Potential,' Says Barclays

Barclays analyst Gena Wang raised the firm's price target on Moderna (MRNA) to $84 from $68 and keeps an Overweight rating on the shares.

The stock closed Wednesday down $2.66 to $75.50.

The company's Q2 update highlighted pipeline progress including mRNA-1273 Phase 3 trial enrollment for COVID-19 completion by the end of September, Wang tells investors in a research note. Approximately $400M customer deposits were received as of July 31 for commercial supply of mRNA-1273, and discussions with countries are ongoing, the analyst points out.

While Novavax's (NVAX) vaccine data were encouraging, the high neutralizing titers in the mRNA-1273 Phase 1 trial continue to support mRNA-1273's "best-in-class potential," Wang contends.

Disclosure: None.

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