Moderna price target lowered to $140 from $160 at Argus

Argus analyst Jasper Hellweg lowered the firm’s price target on Moderna to $140 from $160 but keeps a Buy rating on the shares. The analyst is positive on Moderna’s updated vaccine which was designed specifically in response to the XBB.1.5 sublineage, though clinical data has also demonstrated strong immune responses against other variants, including the highly mutated BA.2.86 variant that has shown an increased ability to infect individuals who were previously vaccinated or had COVID-19, the analyst tells investors in a research note. The company also has a vast pipeline as it aims to diversify its revenue base, with 45 mRNA development candidates in its portfolio, of which 39 are in clinical studies, the firm states. Argus adds however that Moderna recently posted its first quarter of negative earnings since 2020, warning that any unexpected negative developments for the company’s pipeline products could result in a sharp stock selloff.