CureVac Earnings: Early-Stage Pipeline Makes Progress; Shares Undervalued for Long-Term Investors
CureVac reported its third-quarter results, and the company is continuing to make progress across its early-stage mRNA pipeline. CureVac reported quarterly revenue of EUR 16.5 million, which is up from EUR 11.2 million in the prior-year period. We maintain CureVac's fair value estimate of $15.40 per share, no moat rating, and Extreme uncertainty rating. We view the stock as undervalued for long-term investors with a very high degree of risk tolerance. Shares are trading at a 64% discount to our fair value estimate on a risk-adjusted basis.