Tesla-Backed Vaccine Stock Gets First Sell After 752% Rally
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CureVac NV has been on a wild ride since its August listing, as the hunt for Covid-19 shots pushed its valuation up eight-fold to $24 billion before Thursday’s open. With the first authorized U.S. inoculations expected soon, the biotech’s heady climb spurred its first sell rating.
Despite promising early results, data from larger CureVac studies aren’t expected until the first half of 2021, making the company a “late mover” in the vaccine chase, Credit Suisse analyst Martin Auster said, dropping his rating to underperform from neutral, but increasing his price target to $50 from $47.