Jefferies analyst Michael Yee says Modern (MRNA) shares are lower after results from the Roivant Sciences (ROIV) and Arbutus Biopharma (ABUS) claims construction on the lipid nanoparticle patent infringement case were released today favoring three of four claims for Arbutus. The biggest investor question will be around how much royalties Moderna could potentially owe to Arbutus, the analyst tells investors in a research note. The firm’s base assumption suggests $1B-$3B in total royalties could be due but it notes a decision will not be made until the April 2025 trial. Jefferies has a Buy rating on Moderna with a $125 price target.
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