Update 9:27pm: Adds details from CNBC commentator.
Moderna Inc. (NASDAQ:MRNA) hit session highs, rose 11%, after a CNBC commentator said he was purchasing shares of the the biotech company.
CNBC commentator Josh Brown said he purchased Moderna stock (MRNA) recently, down 75% from its highs.
Brown said he could easily see the shares hitting $200 if there is any idea that covid boosters are needed again or there’s a new variant.
“I think there’s a lot of potential upside, not a ton of potential downside,” Brown said on CNBC. “I think there are a lot of ways to win, not a lot of ways to lose.”
“This thing has already lost like a 100 and something billion dollars in market cap in a very short period of time and I think that looks overdone,” Brown added.
On Monday, Moderna’s price target was lowered at Deutsche Bank citing a potential slowdown. Deutsche Bank analyst Emmanuel Papadakis has trimmed his price target on Moderna (MRNA), predicting a slowdown in the biotech’s prospects in COVID-19 and flu as well as certain additional efforts.