Shares of biopharmaceutical company Moderna (MRNA) rose 13% on news of a bullish analyst report from investment bank Oppenheimer (OPY).
Specifically, Oppenheimer upgraded Moderna’s stock to an “outperform” rating and said that the Covid-19 vaccine maker could bring five new medications to market by 2026.
Oppenheimer also said that Moderna’s Covid-19 vaccine sales could rise in 2025 and beyond as education about the respiratory disease increases globally.
The investment bank is bullish about Moderna’s pipeline of new products that includes an experimental vaccine that protects senior citizens from respiratory syncytial virus (RSV).
The U.S. Food and Drug Administration (FDA) is expected to decide on Moderna’s RSV vaccine in April of this year.
Moderna also has a flu vaccine in development, along with a cancer vaccine, both of which could come to market in the next few years, according to Oppenheimer.
In its most recent earnings report, Moderna said that it expects revenue to fall to $4 billion U.S. in 2024 before growing again in 2025.
The upgrade by Oppenheimer comes after a brutal selloff in Moderna’s stock during 2023.
Even with the 13% increase, Moderna’s share price is down 37% over the last 12 months and has declined 75% from its all-time high reached in September 2021.
