Barclays reiterates $210 target on Moderna after PSV deep dive

Barclays analyst Gena Wang reiterates an Overweight rating on Moderna with a $210 price target after conducting a deep dive ahead of the mRNA-4157 Phase 2 KEYNOTE-942 data in adjuvant melanoma in Q4. While clinical data in advanced tumors were "mostly underwhelming, neoantigen vaccines showed some initial sign of promising activity in the adjuvant setting, which may be better suited given its unique feature of cancer modality," Wang tells investors in a research note. Given Merck’s recent opt in for Moderna’s personalized cancer vaccine, including mRNA-4157, the analyst expects at least a positive trend in recurrence-free survival.