Good afternoon, everyone and thank you for joining us to discuss our financial results for the second quarter of fiscal 2022 ending December 31, 2021. With me on the call today are Antonio Pietri, AspenTech's president and CEO; and Chantelle Breithaupt, CFO of AspenTech. Factors that might cause such differences include, but are not limited to, those discussed in today's call and contained in our most recently filed Form 10-Q. Also, please note that the following information relates to our current business conditions and our outlook as of today, January 26, 2022.
Bank of America upgraded its rating on pharma and biotech company Moderna from “underperform” to “neutral” along with a new price target of $180 (up from $135) according to a recent BofA Global Research report. BofA cited a “more reasonable valuation” that has come about as being the main reason for the upgrade.
The company had earlier encouraged employees to work remotely during the first three weeks of January, after a big spike in COVID-19 cases forced several large U.S. banks to pause return-to-office plans. Like its peers, Bank of America has pushed employees to get fully vaccinated and has hosted on-site vaccine booster clinics for staff across the country. Bank of America is not the only large bank to have asked employees to return to office - in January, rival lender Citigroup also asked employees in the New York City region to return to office in early February.