Moderna, Inc. (MRNA) saw its stock price soar 5.01% during Thursday's intraday trading session.
The significant price movement appears to be driven by a major analyst upgrade and news of a strategic pivot. TD Cowen raised its price target for Moderna to $40 from $25, representing a substantial 60% increase in the firm's valuation outlook for the biotech company.
Concurrently, Moderna announced a shift in its vaccine development strategy, planning to stop self-funding new Phase III vaccine trials in the U.S. and instead seek external partners for late-stage studies. The company is also expanding its focus beyond COVID-19 vaccines into cancer immunotherapy and other disease areas, potentially reducing its reliance on pandemic-era products and creating more balanced revenue drivers over time.
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