Moderna Stock Is Moving Higher: What's Going On?

Moderna Inc MRNA shares are trading higher Tuesday following positive analyst coverage from Oppenheimer.

What Happened: Oppenheimer analyst Hartaj Singh upgraded Moderna from Perform to Outperform on Tuesday and announced a price target of $142.

The news comes as the company released a letter to shareholders with timelines for its vaccine candidates and a forecast for profitability.

In the shareholder letter, Moderna CEO Stéphane Bancel said the company aims to launch up to 15 new products over the next five years. The company also expects to advance many new candidates into clinical trials and to continue to invest in science in an effort to expand the field of mRNA medicine.

Moderna also outlined plans to focus on sales growth and profitability in 2024 and 2025 by focusing on three key priorities. The priorities include commercial execution, executing on its late-stage pipeline and disciplined investments.

"With the expected launch of our RSV vaccine candidate in 2024, and potential launch of our flu/COVID combination vaccine as early as 2025, we believe Moderna will experience sales growth in 2025," Bancel said.

"We expect to break even in 2026, as revenue grows and late-stage R&D costs recede, when the current large Phase 3 clinical trials wind down and result in many potential new product launches."

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MRNA Price Action: Moderna shares were up 11.7% at $111.22 at the time of publication, according to Benzinga Pro.

Photo: Mufid Majnun from Pixabay.