RBC Capital analyst Luca Issi lowered the firm’s price target on Moderna (MRNA) to $28 from $32 and keeps a Sector Perform rating on the shares following Q1 earnings. The firm noted the combo of flu+COVID has been de-prioritized in the 18-49 age group and delayed for 50+ years of age. RBC added that the next few months will be very telling given Moderna awaits approval for two of their novel vaccines. The firm told investors that it remains believers in the cancer vaccine and what the broader platform can do long term, but with multiple short-term headwinds RBC lowered its price target to reflect the quarter.
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