A worker inspected bottles of vaccine diluent at a CureVac supplier in France in April.

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Wall Street analysts are taking an even more cynical view of

( ticker: CVAC) shares of in between $15 and $30 per share, down from his previous estimate of between $90 and $110.

CureVac

as the stock topples after the German biotech reported disappointing results from a late-stage trial of a Covid-19 vaccine on Wednesday. In a note out Thursday, Guggenheim analyst Seamus Fernandez composed that he now approximates a fair-value variety for

That recommends that he still believes the stock has an excellent distance left to fall, even after the 46.1% tumble it has actually seen given that the market closed Wednesday, though Fernandez preserved his Neutral score on the stock. CureVac shares closed Wednesday at $94.79, and were down 46.1%, to $51.11, in premarket trading on Thursday. The dimming hopes for CureVac came after the company reported that its Covid-19 vaccine, CVnCoV, demonstrated 47% efficacy in an interim analysis of a 40,000-subject trial, failing to satisfy the trials predetermined success requirements.

( NVAX) revealed the results of its own Covid-19 vaccine trial, which was carried out over a comparable period and which led to a total effectiveness figure of 90.4%. CureVacs vaccine is based on messenger RNA innovation, like the vaccines offered by

Moderna

CureVac

Novavax

( MRNA), and by

Pfizer

( PFE) and its partner

( TBIO). Shares of Moderna were up 1.7% in premarket trading on Thursday, while shares of BioNTech were up 2%. CureVac is also developing another mRNA-based Covid-19 vaccine in partnership with

( GSK), referred to as CV2CoV, which CureVac describes as a second-generation Covid-19 vaccine. In his Thursday note, Fernandez composed that the business ought to shift focus to CV2CoV, and that he had removed sales of the first vaccine, CVnCoV, from his quotes. Fernandez had previously forecasted sales of $1.5 billion this year, and $1.9 billion next year, for CVnCoV. “We do think CVAC has a shot on goal with CV2CoV based upon robust preclinical information, and our company believe the technology platform has value, but a clearer medical path in the middle of the competitive and significantly saturated SARS-CoV-2 vaccines market is essential,” Fernandez wrote. “With the elimination of CVnCoV profits however provided that this is still a mRNA company with technology and a great deal of capital, were designating a fair worth range of $15- $30 per share to CVAC.” CureVac shares were up 16.9% so far this year as of the end of trading on Wednesday. The stock went public last August, and it has actually not seen prices as low as its current premarket rate since last November. CureVac didnt instantly respond to a request for remark. The business arranged a call for financiers starting at 8 a.m. Eastern. Write to editors@barrons.com

( GSK), known as CV2CoV, which CureVac refers to as a second-generation Covid-19 vaccine. CureVac shares were up 16.9% so far this year as of the end of trading on Wednesday.

Equate Bio

CureVac shares closed Wednesday at $94.79, and were down 46.1%, to $51.11, in premarket trading on Thursday. The dimming hopes for CureVac came after the business reported that its Covid-19 vaccine, CVnCoV, demonstrated 47% efficacy in an interim analysis of a 40,000-subject trial, failing to fulfill the trials predetermined success criteria. CureVac is likewise developing another mRNA-based Covid-19 vaccine in partnership with

GlaxoSmithKline

( BNTX). CureVac is among a handful of longstanding pioneers in mRNA-based therapies and vaccines, together with Moderna, BioNTech, and another company called

BioNTech