Is Moderna Stock Really Headed to $112?

Tiny sprinkles of positive trial data regarding a SARS-CoV-2 vaccine candidate have inspired Wall Street analysts to hike their stock price targets for its creator, Moderna (NASDAQ: MRNA). The most enthusiastic investment bank price target hike so far, $112 from BMO Capital on Tuesday, suggests the biotech stock's climb to $80 on Monday was just the beginning of a much larger run-up.

On Monday, Moderna's announcement regarding the first eight patients injected with mRNA-1273, its experimental coronavirus vaccine, sounded impressive enough to push the stock and the rest of the market higher. Experienced pharmaceutical-industry investors familiar with the ins and outs of new drug development, though, weren't nearly as moved by the news.

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