Argus downgrades Moderna on falling COVID vaccine sales

Argus downgraded Moderna (MRNA) to Hold from Buy without a price target The firm sees limited upside for the stock over the next 12 months as the company’s COVID vaccine sales have fallen with the pandemic shifting to a new phase. In addition, Moderna’s respiratory syncytial virus vaccine was approved more than a year after two other competing products, limiting its sales as doctors had already become accustomed to other options, the analyst tells investors in a research note. Argus says Moderna’s pipeline will take time and further investment before reaching the market. It would consider an upgrade when the company is able to return to a period of earnings growth and when it has more of its product candidates approved and sold on the market.