Moderna: Oddo BHF reduces TP after CMD

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Moderna shares, with a target price reduced from $125 to $96 after the laboratory organized a CMD to re-emphasize the group's priorities and financial guidance.


The short-term evolution of the product portfolio unfortunately implies a shift in its 'break even' estimate from 2026 to 2028, the analyst says.

The good news concerns the indication extension request for mRESVIA (Respiratory Syncitial Virus vaccine), the broker adds.

Moderna intends to file a BLA at the end of the year to extend its vaccine to high-risk adults aged 18 to 59 (Priority Review Voucher).

Oddo BHF believes that the company has the means to achieve its objectives without calling on the market, but that the more gradual ramp-up of mRESVIA and the FDA's decision to wait for phase 3 results for mRNA-4157 in melanoma is having 'a snowball effect on the Group's medium-term objectives.

The pressure on the share price yesterday (-14% on 12 Sept.) is justified by this lag in profitability and the consideration that Moderna remains a biotech, the analyst concludes.


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