CureVac NV Ordinary Shares

CVAC: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$4.57	Mngts	Hjfmlwfr

CureVac Earnings: Early-Stage mRNA Pipeline Makes Progress; Shares Undervalued

Rachel Elfman

Aug 20, 2023

CureVac reported its second-quarter results, and it is continuing to make progress across its early-stage mRNA pipeline. The company reported quarterly revenue of EUR 7.6 million, primarily driven by revenue from its GSK collaboration agreement. We maintain CureVac’s fair value estimate of $15.40 per share, no-moat rating, and extreme uncertainty rating. The stock is trading at an attractive discount to our fair value estimate for long-term investors with a high degree of risk tolerance.

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