Moderna price target raised to $31 from $27 at BofA

BofA analyst Alex Stranahan raised the firm’s price target on Moderna (MRNA) to $31 from $27 and keeps an Underperform rating on the shares after the company announced that the FDA had reversed course and accepted for review the BLA filing for mRNA-1010 with a slightly altered regulatory path and PDUFA date of August 5. While the firm returns its flu build in the U.S. to its model, with assumptions of 7% peak penetration and 70% odds of success, it reiterates an Underperform rating as it still sees the path ahead for mRNA-1010 as unclear.