Moderna (MRNA) PT Lowered to $17 at Leerink Partners

Leerink Partners analyst Mani Foroohar lowered the price target on Moderna (NASDAQ: MRNA) to $17.00 (from $18.00) while maintaining a Underperform rating.

The analyst comments "After close, MRNA announced a collaboration with Italian pharmaceutical group Recordati (BIT: REC, Not Rated) for the global commercialization of mRNA-3927 for propionic acidemia (PA) – currently in Ph3 with a potential readout this year. MRNA will continue to lead clinical development and manufacturing, receive $50mm in upfront payment, and will be eligible to receive up to $110mm in near-term development and regulatory milestones, with additional commercial and sales milestones and tiered royalties on net sales. We update our model for the announcement, maintaining our 60% PoS for the program and assuming 15% royalties on sales (with commercial launch anticipated in 2027) – altogether reducing our PT from $18 to $17, as we reiterate our Underperform rating."

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