CVAC Soars on Bayer COVID-19 Vaccine Collaboration

The company hopes its vaccine will be as effective as that of its peers

Laura McCandless

Deputy Editor

Jan 7, 2021 at 10:05 AM

CVAC

The shares of CureVac BV (NASDAQ:CVAC) are soaring this morning, up 18.5% at $102.88 at last check. The company is partnering with Bayer for its experimental COVID-19 vaccine -- which is now in late-stage trials -- in a deal reminiscent of the one between Pfizer (PFE) and BioNTech (BNTX). CureVac hopes its vaccine will produce results as effective as those achieved by the aforementioned companies, as well as those of Moderna's (MRNA), while accelerating approval and distribution.

Publicly traded as of August, CVAC has been falling from its Dec. 9 record high of $151.80 -- down nearly 24% in the last month. However, the $80 level has acted as support recently, and with help from the 60-day moving average today's bull gap has the stock on track for its fourth-straight win.

Meanwhile, of the two analysts in coverage, one sports a "strong buy" on CVAC, while the other carries a tepid "hold" rating. Meanwhile, the 12-month consensus price target of $73 is a 27.4% discount to current levels.

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