Citi reiterates sell rating on Moderna with $80 price target

Citi analyst Geoff Meacham reiterated a Sell rating and $80.00 price target on Moderna (NASDAQ: MRNA).

Meacham said Moderna's ESMO investor call focused on the potential of intismeran, with management and participating key opinion leaders emphasizing its neoantigen-specific immune response, efficacy across melanoma risk groups, and confidence that relapse-free survival and distant metastasis-free survival outcomes will translate into an overall survival benefit.

The analyst noted the discussion gave less weight to manufacturing, patient eligibility, treatment sequencing, and the importance of mature overall survival data. Meacham added that only a minority of melanoma patients present with macroscopic resectable disease, pointing to "a more selective role for intismeran than some investors had envisioned."

Meacham also said the prospect of intismeran monotherapy "remains highly theoretical given established efficacy and well-characterized safety of Merck's Keytruda."

The analyst concluded the call "reinforced management's confidence in the platform without materially changing our view of its commercial limitations or the valuation disconnect."

You May Also Be Interested In

• Freedom Broker Downgrades Black Hills Corp (BKH) to Hold on Valuation
• MBody AI expands Mohegan Sun deal under three-year agreement
• ANI Pharma (ANIP) Tops Q3 EPS by 52c ; Offers Guidance