BofA lowered the firm’s price target on Moderna (MRNA) to $24 from $27 and keeps an Underperform rating on the shares after the company announced that they have received a refuse-to-file letter for the BLA application of their flu vaccine, mRNA-1010. The firm removed the contribution from mRNA-1010 in the U.S. in its model, pending clarity from the Type A meeting, and awaits greater clarity from the company on how this affects the 2028 breakeven guidance, noting that it now models breakeven in 2030.
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