CureVac price target lowered to $16 from $18 at JMP Securities

JMP Securities lowered the firm’s price target on CureVac to $16 from $18 and keeps an Outperform rating on the shares. CureVac reported Q2 results, reiterating its expectation for a cash runway into 2028 following a restructuring, including a 30% workforce cut to be complete by year-end, the analyst tells investors in a research note. The firm looks forward to the early data set on the company’s latest cancer vaccine programs, but does not expect it to be definitive, and also looks to neoantigen results in future years for signs of differentiation/competitiveness vs. mRNA and other platform vaccine competitors.