Moderna Developing Combined Vaccine to Target Covid and Flu

By Dan Weil

Moderna  (MRNA Get Moderna, Inc. Report shares firmed Thursday after it said it’s developing a single-dose vaccine that combines its Covid vaccine and its candidate flu vaccine.

It’s called mRNA-1073. “It encodes for the Covid-19 spike protein and the flu HA glycoproteins,” the company said in a statement for its 2021 research and development day.

“Moderna owns worldwide commercial rights to mRNA-1073.”

The stock recently traded at $433.53, up 2.5%. It has more than tripled (up 243%) over the past six months amid the success of its Covid vaccine.

Earlier this month, the Cambridge, Mass., company asked the FDA to approve use of a third shot (booster shot) of its Covid-19 vaccine.

The company said it “has initiated its submission to the U.S. Food and Drug Administration for the evaluation of a booster dose of the Moderna Covid-19 vaccine (mRNA-1273) at the 50 µg dose level.”

In addition, Moderna said it expected in coming days to submit data to the European Medicines Agency and other regulatory authorities around the world.

Morningstar analyst Karen Andersen sees Moderna as vastly overvalued, putting the stock’s fair value at $159.

“While we remain encouraged by Moderna's incredible progress and positive moat trend, we do not yet assign the firm an economic moat,” she wrote last month.

“Moderna's share price momentum continues, but our discounted cash flow analysis points to a lower valuation," she said.

That's "largely due to the fact that we do not assume a large endemic coronavirus vaccine market or revenue from preclinical or theoretical uses of Moderna's technology in our model.”

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