CureVac price target lowered to $8 from $10 at BofA

BofA analyst Geoff Meacham lowered the firm’s price target on CureVac (CVAC) to $8 from $10 and keeps an Underperform rating on the shares after adjusting its model following earnings. The company has initiated phase 2 study in COVID-19 with various mRNA vaccine candidates and phase 1/2 study in influenza with a multivalent vaccine candidate, but BofA remains “skeptical of the commercial opportunity in these indications” with competitors such as Pfizer (PFE) and Moderna (MRNA) “already entrenched” and given what it views as CureVac’s “unclear differentiation.”