Citi stays bearish on Moderna after full melanoma vaccine data; shares extend slide
MRNA•Moderna shares fell 6.4% after an 18% slide over the previous two sessions. Citi maintained its sell/high-risk rating and $80 price target, saying full data for the experimental melanoma vaccine did not ease concerns about valuation and execution.
1. Citi maintains bearish view
Citi said specialists viewed the full data on Moderna’s experimental cancer vaccine, intismeran, positively, but did not see it as a treatment that would fundamentally change melanoma care. The brokerage cited concerns about manufacturing timelines, patient screening, commercial adoption and whether results in melanoma can be replicated in other cancers.
2. Valuation and future data
Citi said expectations for upcoming kidney cancer data remain high and that Moderna’s valuation already assumes success across multiple unproven factors. Its $80 price target implies about 60% downside to Friday’s close.
3. Late-stage trial data published
Moderna and partner Merck published detailed data from the late-stage melanoma trial after results were leaked on an oncology website. Moderna shares were up about 557% year to date, including the session’s move.
