Moderna price target lowered to $32 from $40 at Citi

Citi analyst Geoff Meacham lowered the firm’s price target on Moderna (MRNA) to $32 from $40 and keeps a Neutral rating on the shares. The company’s Q1 results highlight seasonal dynamics and the continued cost reduction efforts, the analyst tells investors in a research note, adding that lightness in the respiratory franchise were roughly in line with expectations. Still, the firm added that the back-half-weighted nature of the current business and lower vaccination rates have it wary, given fluid policy dynamics and recent ACIP meetings noting risk-based recommendations for COVID.