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Friday, October 7, 2022

Moderna to Set Up New Science Center in Massachusetts

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Biotechnology company Moderna, Inc. (MRNA) recently announced that it will invest and establish a new science center, the Moderna Science Center, in Cambridge, Massachusetts. The facility will be located at 325 Binney Street.

Following the news, shares of the company gained 1.6% on Thursday. The stock added to its gains slightly to close at $385 in extended trade.

The facility will span an area of about 462,000 square feet and will be well-equipped for advanced research and development purposes. Construction of the property has commenced and a phased move-in process is likely to begin in 2023.

Moderna is aiming to build this facility as an environmentally sustainable one by targeting LEED Platinum Core & Shell and LEED Zero Energy certifications.

The CEO of Moderna, Stéphane Bancel, said, “We have been located in Massachusetts since our founding more than 10 years ago and are proud to be based here. As we advance our mRNA platform and science, our new science center will integrate digital-first scientific research and development labs along with space for innovation and co-creation with our people and our partners around the world.” (See Moderna stock chart on TipRanks)

Recently, Goldman Sachs analyst Salveen Richter reiterated a Buy rating on the stock. The analyst’s price target of $461 implies upside potential of 19.8% from current levels.

Consensus among analysts is a Hold based on 3 Buys, 7 Holds and 2 Sells. The average Moderna price target of $363.13 implies downside potential of 5.7% from current levels.

Moderna scores a 7 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market expectations. Shares have gained about 449.6% over the past year.

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The post Moderna to Set Up New Science Center in Massachusetts appeared first on TipRanks Financial Blog.

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