Moderna price target lowered to $108 from $140 at UBS

UBS lowered the firm’s price target on Moderna (MRNA) to $108 from $140 and keeps a Buy rating on the shares following a model review. Though shares are down 50% year-to-date and UBS acknowledges the uncertainty around near- to medium-term respiratory vaccine revenues, the firm sees upside from pipeline programs from current levels, the analyst tells investors in a research note. The firm thinks cytomegalovirus Phase 3 data by year-end could drive upside and be an important proof of concept for Moderna’s broader latent virus portfolio.