Moderna recoups part of losses as BofA raises PO ahead of key cancer vaccine readout
Mon 16:16
BUZZ-Moderna recoups part of losses as BofA raises PO ahead of key cancer vaccine readout ** Moderna MRNA.O shares jump 5% to $229, recouping from Friday's 7.8% drop
** Stock ~5.5% below 52-week high of $242.29 hit Thursday
** Rally driven by late-stage cancer vaccine data developed with Merck MRK.N; detailed results due October 24 at ESMO Congress
** BofA Global raises price objective to $220 from $200, maintains "neutral" rating; notes expected "positive data point" "already priced" in
** Focus at medical conference to be on magnitude of treatment's benefit and consistency across stages IIB-IV; to influence how much credit investors give to upcoming readouts in kidney, bladder and lung cancer
** Including session's move, MRNA up more than sevenfold YTD
(Reporting by Kamal Choudhury in Bengaluru)
Recent news on Merck & Co
See all newsBrief: European Commission Approves Keytruda Plus Padcev As Perioperative Treatment For Adults With Resectable Muscle-Invasive Bladder Cancer
US STOCKS-Dow leads Wall Street higher, investors focus on healthcare stocks
Moderna recoups part of losses as BofA raises PO ahead of key cancer vaccine readout
Live Markets: Dot-com deja vu? Why Goldman Sachs is calling time on the momentum trade
Factbox: Pharma sector doubles down on AI to slash costs, timelines