(CercleFinance.com) – Jefferies remains long on Moderna stock with a price target of $275.
‘The data on orphan drugs continue to be good with 78% efficacy,’ notes the analyst.
The ongoing Phase I/II results of mRNA-3927 for the treatment of propionic acidemia (PA) presented by Moderna are encouraging for Jefferies ‘which could represent a market of more than a billion dollars’.
According to the broker, Moderna could use this data to ‘discuss with regulators and prepare to start or ‘expand’ this study into an open pivotal study by the end of the year’.
For Jefferies, a second obvious risk reduction event would be VRTX’s ongoing Phase I program for the treatment of cystic fibrosis. “The data will likely be available by 2024 and represents a $1-2 billion opportunity.”
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