Moderna downgraded to Hold from Buy at Jefferies

Jefferies analyst Michael Yee downgraded Moderna to Hold from Buy with a price target of $65, down from $120. The company’s R&D Day delivered long-awaited guidance cut, which sees profitability pushed out to 2028 from 2026, though the firm still sees risk alongside concerns that Moderna may need to raise capital in order to achieve its new guidance, the analyst tells investors in a research note. In the near-term, visibility is low on the company’s COVID/RSV platform, while its individualized neoantigen therapy – or INT – cancer vaccine expectations are also pushed out, the firm added.