Why This Moderna Analyst Is Very Bullish

Shares of Moderna Inc MRNA have lost almost 24% year to date.

While the prospects of the Covid-vaccine seem to be waning, data from the cancer vaccine is impressive, according to RBC Capital Markets.

The Analyst: Luca Issi initiated coverage of Moderna with an Outperform rating and price target of $200.

Check out other analyst stock ratings.

The Thesis: The data shows impressive melanoma signal, which would translate across cancers, Issi said in the initiation note.

“We are very impressed by recent top-line melanoma data,” the analyst wrote. “With the randomized melanoma data in hand and enough evidence from earlier trials (across tumor types, line of therapy and both mono and combo), we are believers and think that personalized cancer vaccine could be here."

“Overall, we have melanoma at 60% PoS and other tumor types at 30% and that is the primary driver of the upside potential,” Issi further mentioned.

MRNA Price Action: Shares of Moderna had risen by 0.20% to $135.93 at the time of publication Thursday.