Moderna price target lowered to $78 from $96 at UBS

UBS lowered the firm’s price target on Moderna (MRNA) to $78 from $96 and keeps a Buy rating on the shares. UBS believes Moderna’s oncology franchise is underappreciated onto melanoma Phase 3 data despite unknowns around the Covid/respiratory franchise, the analyst tells investors in a research note. While UBS thinks shares already reflect significant investor caution, the potential value of the pipeline is not given much credit, and thinks the company’s oncology individualized neoantigen therapy could be a $5B+ opportunity across melanoma and Non-Small Cell Lung Cancer, if successful.