Wolfe Research lowered the firm’s price target on Moderna (MRNA) to $25 from $35 and keeps an Underperform rating on the shares. The firm revised its FY25 revenue and earnings per share estimates downward, as cost management, Roivant litigation, cytomegalovirus pivotal readout, and now the norovirus FDA clinical hold are “top of mind.” The firm added that it would argue the risk/reward looks unattractive even at these levels, and as a result is cutting its price target
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