Moderna Given Sell Rating at Deutsche Bank. The Stock Is Falling.
Moderna was under pressure Friday after Deutsche Bank called the Covid-19 vaccine maker a “concept stock,” giving shares in the biotech a Sell rating and price target 34% below the stock’s previous closing price.
Deutsche Bank’s Emmanuel Papadakis initiated coverage of Moderna (ticker: MRNA) with a Sell rating on the shares and a target price of $225.
Moderna closed at $339.57 on Thursday. The shares were slipping 2% lower in premarket trading Friday.
“Moderna is a concept company that has ridden a wave of disruptive innovation, pandemic serendipity and management vision (plus a little public funding) to become a concept stock,” Papadakis said.
Shares in Moderna have soared around 380% over the last year as the group became one of a few companies to
successfully develop a Covid-19 vaccine, which has been
widely rolled out across the U.S. and other developed countries.
