Shares of Moderna Inc (NASDAQ: MRNA) are trading down on Tuesday after the biotechnology company said it did not have enough data to declare “early success” for its Influenza vaccine.
Reason for the delay
“DSMB” – the Data and Safety Monitoring Board has recommended that Moderna continues testing as its recent late-stage trial for mRNA-1010 “did not accrue sufficient cases”.
Also on Tuesday, the Nasdaq-listed firm said it will launch six major vaccines over the next few years. One of them will likely be its first bacterial vaccine against the Lyme disease.
Earlier this year, the biotech company said its respiratory syncytial virus vaccine showed promising results in older adults as Invezz reported HERE. Moderna shares are down nearly 25% versus their year-to-date high at writing.
Moderna COVID-19 vaccine update
Moderna has also recently started a Phase 3 trial for mRNA-1283 – its next-generation, refrigerator-stable COVID-19 vaccine. Its press release reads:
The annual global endemic COVID-19 booster market alone is estimated by Moderna to be approximately $15 billion. The Company estimates respiratory product sales in 2027 to be in the range of $8.0 billion to $15 billion.
The Cambridge-headquartered company is expected to report its Q1 results in the first week of next month. Consensus is for it to lose $1.73 per share this quarter – down sharply from $8.58 of EPS a year ago.
Still, Wall Street has a consensus “overweight” rating on Moderna shares with upside to $225 that suggests about a 50% premium on the current price.
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