Pharma giant Moderna Inc (NASDAQ:MRNA) is enjoying a boost today, after the U.S. Food & Drug Administration (FDA) accepted the company's flu vaccine application for review. The company made modifications to the application after it was rejected last week.
MRNA was last seen up 5.7% to trade at $46.45, heading for a third-straight gain as it moves back toward its Jan. 22 more than one-year high of $55.20. Since the start of the year, the equity is already up 55.4%.
A bout of short covering could help push Moderna stock closer to that late-January peak. Short interest represents 19.8% of the stock's available float, or over six days' worth of pent-up buying power.
Currently, 22 of the 24 brokerages in coverage carry a "hold" or worse rating, leaving plenty of room for upgrades, should MRNA continue higher. Plus, the 12-month consensus price target of $41.01 sits a roughly 11% discount to current levels.
