Moderna price target raised to $140 from $126 at BofA

BofA analyst Geoff Meacham raised the firm’s price target on Moderna to $140 from $126 and keeps a Neutral rating on the shares after hosting a call with the company’s CFO Jamey Mock with the majority of the discussion focused on its respiratory vaccine franchise, progress on its oncology franchise, and the longer-term P&L levers. While P&L concerns have kept BofA on the sidelines, the firm thought management did a good job outlining commercial expectations for its new product cycle and the optionality of additional strategic deals in the future, like the Japan IP licensing agreement and Blackstone financing deal for its flu program.