CureVac price target lowered to $6.40 from $8 at BofA

BofA lowered the firm’s price target on CureVac (CVAC) to $6.40 from $8 and keeps an Underperform rating on the shares. The company has initiated a phase 2 study in COVID-19 with various mRNA vaccine candidates and phase 2 study in influenza, but the firm remains skeptical about the commercial opportunity in these indications, with competitors Pfizer (PFE) and Moderna (MRNA) already entrenched and because of their “unclear differentiation”, the analyst tells investors in a research note. BofA further cites the announcement that Germany Patent Court invalidated CureVac’s ‘122 patent violation claim against BioNTech (BNTX), even though its valuation has not factored in any patent litigation outcome.