Needham analyst Joseph Stringer has maintained their neutral stance on MRNA stock, giving a Hold rating today.
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Joseph Stringer’s rating is based on the recent data presented by Moderna regarding their mRNA-4359 cancer antigen therapy. The data, which was shared at the ESMO Conference, showed promising overall response rates in melanoma patients who had relapsed or were refractory to checkpoint inhibitors.
While the results were encouraging, especially in patients with higher PD-L1 expression, the adverse events were mild to moderate, and no severe toxicity was observed. These factors suggest potential, but the data is still early, and further validation is needed before a more definitive investment recommendation can be made. Therefore, a Hold rating is appropriate as the market awaits more comprehensive results.
In another report released today, Barclays also maintained a Hold rating on the stock with a $31.00 price target.