Moderna, Inc. has won another order for the supply of 7 million doses of its COVID-19 vaccine to the Philippines.

Moderna (MRNA) said that the new supply agreement for its vaccine takes Philippines purchases to 20 million doses. The Philippines procured 13 million doses in early March. Per the terms of the deal, deliveries of the COVID-19 vaccine would begin in mid-2021.

Presently, the COVID-19 Vaccine Moderna is not approved for use in the Philippines. Moderna is likely to seek regulators’ necessary approvals prior to the distribution, the company said.

Moderna CEO Stephane Bancel said, “This agreement supports the ongoing efforts in the Philippines to secure access to a safe and effective COVID-19 vaccine and reflects Moderna’s continued commitment to expanding access to its vaccine around the world.” (See Moderna stock analysis on TipRanks)

On March 1, Chardan Capital analyst Geulah Livshits increased the stock’s price target to $182 (29% upside potential) from $107 and reiterated a Buy rating.

Livshits said, “We update our Moderna thesis reflecting better visibility on the commercial framework for the Moderna Covid-19 vaccine as well as the company’s strategy for addressing emerging variants of concern within the context of broader pipeline advancement.”

The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating. That’s based on 5 Buys, 5 Holds, and 2 Sells. The average analyst price target of $167.82 implies almost 19% upside potential to current levels. Shares have increased more than 26% so far this year.

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