Shares in the coronavirus vaccine maker Moderna Inc. MRNA gathered in premarket trading on Monday.

What happened: Jefferies Analyst Michael Yee upgraded shares of Moderna to Buy from Neutral and raised the price target to $275 from $170, indicating a 42% gain from current levels.

The analyst sees them COVID-19 Vaccine is no longer the thesis on the stock, with the consensus estimate for vaccine sales falling from $20 billion in 2021-22 to $6 billion to $8 billion in 2023-24.

Moderna stock is likely to rise in 2023, the analyst said, basing his conclusion on the following factors:

• New Polycythemia vera cancer is the new story after last week positive phase 2 data for its personalized cancer vaccine in skin cancer patients.
• Phase 3 respiratory syncytial vaccine data will likely be positive.
• This will set the stage for two to three antigen combination vaccines, all in phase 2, with data reads expected in 2023.
• The rare disease franchise dates are due in 2023.

“We see the stock bouncing back in 2023, a return of pipeline opportunities and a ‘story stock’ as generalist and HC interest revisits the stock,” the analyst said.

Price promotion: In premarket trading on Monday, shares of Moderna are up 4.12% to $201.26 Benzinga Pro data