Moderna gains as BofA says Phase 3 data keep RSV vaccine “in the game”
Maddie Meyer

Moderna (NASDAQ:MRNA) extended post-market gains adding ~8% in early trading Wednesday as Bank of America welcomed the company's Phase 3 data for mRNA-1345, its vaccine candidate for respiratory syncytial virus (RSV).
Citing topline data from ConquerRSV pivotal trial, the Cambridge, Massachusetts-headquartered biotech announced after the market close on Tuesday that the mRNA-based shot led to 83.7% efficacy against RSV lower respiratory tract disease in older adults.
However, according to BofA analyst Geoff Meacham and the team, the data were in line with the efficacy results Moderna's (MRNA) late-stage rivals in RSV space, Pfizer (PFE) and GSK (GSK), have generated.
The analysts point out that Pfizer's (PFE) and GSK's (GSK) RSV vaccine candidates are currently under FDA review for older adults, with target action dates in May ahead of a CDC advisory meeting in June.
Arguing that "first-to-market advantage in the RSV space will be meaningful," the analysts think that commercial prospects for Moderna (MRNA) will be limited, and mainly due to vaccine fatigue, the RSV commercial market will be smaller than initial forecasts.
"That said, at the end of the day, efficacy and safety data are key, and we think that today's result keeps mRNA- 1345 in the game," the analysts noted, reiterating the Neutral rating and $195 per share target on Moderna (MRNA)
The team considers the RSV update "a good first step," which is, however, overshadowed by the company's "P&L uncertainty." 
Seeking Alpha contributor, The Value Portfolio argues that while Moderna (MRNA) already has a well-established COVID shot, its experimental vaccines for RSV, flu, and CMV viruses are vital to building long-term franchises.