CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
We up our target price to $115 from $88 based on our NPV analysis. We narrow our 2024 loss per share (LPS) estimate to -$6.21 from -$6.63 and keep 2025’s LPS at -$5.24. Moderna posted a Q1 LPS of -$3.07 vs. EPS of $0.19, a solid $0.48 below the consensus LPS expectation of $3.55, driven by higher-than-expected top-line sales. Q1 revenue of $167M vs. $1.8B, came in $42M above the consensus estimate as the Covid-19 vaccine’s (Spivax) sales came in above expectations but still pointed to a sharp decline Y/Y. MRNA reiterated its net sales target of $4B for 2024, which implies around a 40% Y/Y decline. Shares are up about 13% today, due to better-than-anticipated Q1 results and the hype around the RSV vaccine, in our view. Management seems very excited about the RSV vaccine’s prospects, as it sees a $6B-$8B market opportunity after its first year of $2.5B sales. The launch is expected to take place in the fall according to the company, following the likely FDA approval during Q2.