Moderna price target lowered to $40 from $70 at UBS

UBS lowered the firm’s price target on Moderna (MRNA) to $40 from $70 and keeps a Buy rating on the shares. The firm updated the company’s model to reflect the cytomegalovirus Phase 3 miss and discontinuation of mRNA-1647 in congenital CMV. A key investor question from here is whether Modernacan achieve cash breakeven in 2028, the analyst tells investors in a research note. UBS believes this is achievable.