内容摘要：Moderna Inc(NASDAQ:MRNA), a messenger RNA therapeutics company, recently offered 26.28 million share can you get a passport if youre a felon

Moderna Inc

(NASDAQ:

MRNA

),can you get a passport if youre a felon a messenger RNA therapeutics company, recently offered 26.28 million shares priced at $23 each in an

IPO

.

The Analyst

Morgan Stanley analyst Matthew Harrison initiated coverage of

Moderna

with an Overweight rating and $29 price target.

The Thesis

Moderna has significant competitive advantages given its multibillion-dollar opportunity, a broad pipeline, an industrialized approach and key platform derisking in terms of immunogenicity, delivery and initial proof-of-concept, Harrison said in a Wednesday note.

MRNA addresses almost two-thirds of all proteins in the body, and Moderna has built a broad industrialized platform to address mRNA therapeutics, the analyst said.

Moderna's pipeline is broad, with 21 programs. If the entire pipeline is successful, the company could achieve peak sales as high as $35 billion, Harrison said,

Harrison estimates peak, risk-adjusted sales of $8 billion from prophylactic vaccines, rare diseases and cancer vaccines.

Moderna has managed to resolve the two key challenges in developing mRNA therapeutics: the body's rejection of mRNA and the inability to send the mRNA to target tissues, the analyst said.

The platform risk is therefore significantly diminished, he said.

Morgan Stanley sees the following as key catalysts for specific programs:

Initial data for chikungunya antibody expected in 2020.

Initial PIV3 and CMV immunogenicity data likely in 2019.

Initial data for key rare disease programs due in 2020.

Randomized data for personal cancer vaccines due in 2020.

Even if an individual program fails due to biological reasons, the overall platform is unlikely to be impacted, Harrison said.

The Price Action

Moderna shares were up 0.39 percent at $15.33 at the time of publication Wednesday.

Related Links:

Attention Biotech Investors: Mark Your Calendar For These January PDUFA Dates

6 Valuable Pipeline Drugs With Upcoming Catalysts

Latest Ratings for MRNA

Jan 2019

PiperJaffray

Initiates Coverage On

Overweight

Jan 2019

JP Morgan

Initiates Coverage On

Overweight

Jan 2019

Oppenheimer

Initiates Coverage On

Outperform

View More Analyst Ratings for MRNA

View the Latest Analyst Ratings

See more from Benzinga

The Daily Biotech Pulse: Tracon Aces Early-Stage Trials, Boston Scientific To Buy Out Millipede

The Daily Biotech Pulse: Proteostasis Delays Data, Akron Gets New CEO, Pfizer Halts Vaccine Trial

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

View comments