Shares of CureVac BV (NASDAQ: CVAC) have already almost doubled year-to-date but a UBS analyst says the stock still has a lot more room to the upside.
CureVac stock could gain close to 100%
On Thursday, Eliana Merle turned bullish on the biopharmaceutical firm and sharply increased her price objective to $18 that represents close to another 100% upside from here.
The upgrade arrives only weeks after the German company reported positive preliminary data for its joint COVID-19 and flu mRNA vaccine. Her note reads:
In our view, as the first data of the 2nd-gen platform’s immunogenicity in humans, this is a major inflection point for the story, and suggests potentially competitive mRNA platform relative to mRNA peers.
Following the data, CEO Franz-Werner Haas had said the company was starting the new year as a competitive player in mRNA therapies.
CureVac recently named its next CEO
In November, CureVac reported a near 62% year-over-year decline in its third quarter revenue. But Merle’s upgrade today suggests that she is bullish on the new management.
We note the stock is up ~50% since the data in Jan. But we think shares trade higher with more data/trial starts and as awareness builds for this under-the-radar mRNA story. We note additional Ph1 data is expected near-term.
Earlier this month, the biotech firm named Alexander Zehnder as its new Chief Executive. Zehnder, who’s currently the Global Head of Oncology at Sanofi, will assume the role on April 1st.
The biotech stock is still trading only at a fraction of its all-time high in February 2021.
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