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Goldman Sachs analyst Salveen Richter raised the firm's price target on Moderna (MRNA) to $139 from $107 and keeps a Buy rating on the shares.

The stock closed Tuesday down $2.47 to $98.56.

The final analysis of the company's Phase 3 study of its COVID-19 vaccine, mRNA-1273, is expected imminently, with Emergency Use Authorization likely to follow as soon as December, Richter tells investors in a research note. The analyst estimates Moderna will generate revenue of $305M and $13.3B in Q4 and 2021, respectively, from mRNA-1273. Post the interim data that demonstrated efficacy of 94.5%, investor focus shifts to supply contracts, manufacturing, and distribution, says Richter.

The analyst believes Moderna remains on track to deliver 500M or up to 1B doses per year, beginning in 2021.