Categories
analysts downgrade

SVB analysts downgrade Moderna’s stock, citing ‘competitive pressure’ from other COVID vaccine developers – MarketWatch

Analysts at SVB Leerink downgraded shares of Moderna Inc.
MRNA,
-13.10%

to underperform from market perform, citing growing “competitive pressure” from other developers of COVID-19 vaccines. Shares of Moderna were down 7.3% in premarket trading on Tuesday. The analysts said it’s still likely that the Moderna’s coronavirus vaccine candidate will be authorized by the Food and Drug Administration in the fourth quarter of this year “but speed to market has fallen behind competitors.” Unlike other drugmakers developing experimental COVID-19 vaccines, such as Johnson & Johnson
JNJ,
-0.79%

and Pfizer Inc.
PFE,
-1.23%
,
Moderna does not have any other approved products to buffer the company’s revenue-earning potential. Moderna’s stock has soared 220.0% so far this year, while the S&P 500
SPX,
-2.70%

has gained 6.0%.

Read More