Moderna will surge another 60% on the value of its potential coronavirus vaccine, according to one Wall Street firm

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Moderna’s blistering rally has room to keep going as the company continues to work on its potential coronavirus vaccine, according to one Wall Street analyst.

Piper Sandler on Wednesday boosted its price target on the biotechnology company to $US134 from $US100, implying more than 60% upside from where shares of Moderna currently trade.

Moderna jumped as much as 18% Wednesday after the company announced Tuesday that an early coronavirus vaccine trial produced antibodies in all participants.

“We believe these data demonstrate clean safety and robust immunogenicity of the 100μg mRNA-1273 dose, supporting the planned Phase III start on July 27,” Piper Sandler analysts led by Edward Tenthoff wrote in a Wednesday note.

Piper Sandler increased its target price for Moderna following the positive Phase 1 data and ahead of the Phase 3 trial set to start later this month. The firm anticipates that “top-line” data from the Phase 3 trial could be reported in late 2020, according to the note.

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In addition, Piper Sandler estimated that a coronavirus vaccine could generate revenues between $US12.5 billion and $US25 billion depending on the price per dose.

Moderna and Lonza, another biotech firm, are ramping capacity in order to produce roughly 250 million vaccines per year, Tenthoff wrote. Assuming a price of $US75 per vaccine, that would equate $US18.75 billion in revenue, according to Piper Sandler.

Moderna has surged more than 320% year-to-date.

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