Moderna stock falls 8% as SVB Leerink lowers price target; sees 55% downside
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SVB Leerink, which has an underperform rating on Moderna (MRNA -8.7%), cut its price target on the biotech to $80 from $81 (~55% downside based on Thursday's close).
Moderna held an R&D day on Thursday. Among candidates discussed was the flu vaccine mRNA-1010, which showed adverse events more than twice the rates seen with Seqirus' Afluria.
Leerink called further development of mRNA-1010 "poor use of resources."
The Leerink price trim came on the same day an article from Evaluate Vantage argued that Moderna (MRNA -8.7%) needs to demonstrate it has a long-term strategy beyond COVID-19 vaccines.
"Moderna still needs to prove that it has a technology capable of competing in less urgent circumstances," wrote Amy Brown.
Piper Sandler, however, takes a more sanguine view of Moderna (MRNA -8.7%) with an overweight rating and $348 target (~94% upside).
Analyst Edward Tenthoff noted the company's growing pipeline as well as the success of its COVID vaccine as demonstrating the strength of mRNA vaccines for infectious diseases.
On Thursday, Moderna said that it was raising sales expectations for its COVID vaccine in 2022.
Read why Seeking Alpha contributor Juxtaposed Ideas argues that Moderna (MRNA -8.7%) is a buy.