Moderna price target lowered to $28 from $30 at Citi

Citi lowered the firm’s price target on Moderna (MRNA) to $28 from $30 and keeps a Neutral rating on the shares. The company announced its Phase 3 CMVictory study of the mRNA-1647 vaccine candidate for cytomegalovirus did not achieve its primary efficacy endpoint, the analyst tells investors in a research note. The firm views the news as disappointed but expects it to have a limited impact on Moderna.