An analyst initiated coverage of Moderna Therapeutics (MRNA) stock Wednesday with a buy rating, saying he expects the biotech stock to have an approved drug by 2024.
XModerna stock has toppled more than 33% from its initial public offering at 23 on Dec. 7. On the stock market today, shares of the biotech stock rose a fraction, to 15.33. Meanwhile, other biotech stocks climbed about 1%.
Needham analyst Alan Carr is bullish on Moderna stock. The biotech stock is experimenting in messenger RNA, or mRNA, which carries genetic information from DNA necessary to make proteins. These treatments would use mRNA to instruct cells to create disease-fighting proteins.
The method "is emerging as a viable treatment modality for a wide range of diseases, particularly in situations where a specific protein is either qualitatively or quantitatively deficient," Carr said in a report to clients. "An mRNA drug can produce a function protein (locally) to correct a specific deficiency."
Moderna To Use MRNA In Cancer, Flu
Moderna is looking at mRNA in several areas of medicine.
With collaborator AstraZeneca (AZN), the biotech stock is evaluating an mRNA treatment for myocardial ischemia. Myocardial ischemia occurs when blood flow to the heart is reduced, preventing it from receiving enough oxygen. This can damage the heart muscle.
Carr expects Moderna to have up to five protein replacement or protein therapeutic mRNA drugs ready for testing by the end of 2019.
The biotech stock is also looking at mRNA as a vaccine for several forms of flu. The biotech stock could also use mRNA to create vaccines against cancers related to mutations of the KRAS gene. Carr notes the latter vaccine could begin Phase 1 testing in 2019 or 2020.
Initiating On Moderna Stock With A Buy
Carr has a buy rating and 28 price target on Moderna stock.
"There are a number of other companies in the emerging mRNA space, but we believe Moderna is in a particularly strong position for long-term success," he said.
In total, Carr notes 13 programs in the biotech stock's pipeline from preclinical to Phase 2 testing. Moderna is working on infectious diseases, oncology, cardiovascular diseases and rare diseases. Moderna is also collaborating with Vertex Pharmaceuticals (VRTX) and Merck (MRK), a Dow Jones component.
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