UPDATE: Deutsche Bank Upgrades Moderna (MRNA) to Hold

January 26, 2022 3:07 AM EST
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Price: $127.71 -2.4%

Rating Summary:
    8 Buy, 12 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 20 | New: 12
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(Updated - January 26, 2022 4:15 AM EST)

Deutsche Bank analyst Emmanuel Papadakis upgraded Moderna (NASDAQ: MRNA) from Sell to Hold with a price target of $175.00 (from $200.00).

The analyst comments "Whilst a YE22 c$30bn net cash position should provide something of a cushion, key for the recovery of sentiment will be a clearer path to additional durable long-term revenue streams of significance. With RSV/CMV P3 likely 2023 read outs and EBV still early, the question is then what may drive that re-appraisal in 2022. We can see several datapoints of note, though at this stage we are not clear whether these are likely to be sufficient ahead of those key 2023 datapoints. Specifically, in 2022 we expect to see P1 data for next-gen COVID asset ‘1283 data in H1 (i.e. improved immunogenicity, fridge stable), omicron variant updates and perhaps more importantly the COVID/’1010 quad flu combination P1 start (triple with RSV is preclinical). Whilst MRNA’s early ‘1010 update was barely noninferior, we do share the company’s view that the public health mandate is likely to open doors to a combined annual COVID/flu booster, though the significant conversion of the US market to high dose flu will likely present a challenge to market share until MRNA can iterate a more competitive offering. On the rare disease side we note PA/MMA are likely to be important P1 proof of concept datapoints, whilst first PCV P2 Keytruda combination PFS data due Q4’22 in melanoma will serve a similar purpose in oncology (albeit on similar timelines to ROG/BNTX)."

For an analyst ratings summary and ratings history on Moderna click here. For more ratings news on Moderna click here.

Shares of Moderna closed at $152.54 yesterday.


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