Moderna, Inc. (MRNA) shares surged 5.04% in the after-hours trading session on Tuesday, defying expectations after an analyst lowered its price target on the pharmaceutical company's stock.
The rally came after Redburn Atlantic cut its price target on MRNA to $55 from $73 while maintaining a neutral rating. Despite the downward revision, which suggests potentially weaker expectations for Moderna's future performance or valuation, investors seemed undeterred and pushed the stock higher.
Overall, analysts covering Moderna have an average rating of "hold" on the stock, with a mean price target of $53.35 according to data from FactSet. The divergence between Moderna's after-hours gain and the analyst's more cautious outlook highlights the differing views on the company's prospects.
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