Moderna (NASDAQ: MRNA ) stock is up more than 20% in just the past five trading sessions as investors foresee strong growth opportunities for the biotechnology firm. Indeed, the company has climbed 44% so far this year as one of the big winners of 2024’s bull market. What’s pushing MRNA stock up lately? Well, it appears the company is benefitting primarily from three main drivers: MRNA Stock Climbs Despite Mixed Analyst Ratings While Moderna has plenty of potential growth avenues, some believe MRNA stock may be slightly overvalued at its current price.
Indeed, Evercore ISI analyst Cory Kasimov maintained an “in line” rating last week with a price target of $120. This implies roughly 25% downside from the stock’s current price of $162 per share. Not for nothing, Moderna’s vaccine sales have fallen sharply since the peak of the Covid-19 pandemic.
Whether the company can find new avenues for growth remains to be seen. On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.
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