Moderna under pressure as TD Cowen becomes latest to downgrade
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Moderna (NASDAQ:MRNA) shares slipped for the fifth straight session on Friday as TD Cowen became the latest brokerage to downgrade the COVID vaccine maker, citing its outlook issued with its Q2 2023 financials.

Analyst Tyler Van Buren cuts his recommendation for the Cambridge, Massachusetts-based biotech to Market Perform from Outperform, taking his price target to $125 from $145 per share.

Similar to Deutsche Bank, which also downgraded Moderna (MRNA) on Thursday citing its guidance, Buren points to concerns over the companyâs decision to increase its cost of sales guidance for 2023.
The COGS guidance of $3.5Bâ$4.0B, implying a gross margin of 45%â50% for the COVID-19 vaccine business at the midpoint of $6Bâ$8B sales guidance, is "still undesirable in the interim," Buren added.
With Moderna (MRNA) tying the COVID vaccine projection to the extent of a fall immunization drive in the U.S., the analyst argues that "it's prudent to wait for more clarity on the COVID tail from upcoming fall/winter season."
Wall Street has remained bullish on Moderna (MRNA), with an average rating of Buy from analysts in line with Seeking Alpha Author ratings. However, SAâs Quant System, which consistently beats the market, rates MRNA as a Hold.


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