Moderna price target raised to $209 from $170 at Morgan Stanley

Morgan Stanley analyst Matthew Harrison raised the firm’s price target on Moderna (MRNA) to $209 from $170 and keeps an Equal Weight rating on the shares. He has increased his melanoma odds of success forecast to 80% from 60% after the recent report of "positive" Phase 2 melanoma data by Moderna and partner Merck (MRK) and also increased his views on the odds of success across the other PCV opportunities that he models such as lung, H&N, bladder and colorectal cancer, Harrison tells investors. The analyst, who sees the U.S. and EU adjuvant market as potentially about $30B-plus in size, expects Merck and Moderna to start a range of Phase 3 PCV studies in 2023.