Phase 3 data meets endpoints but still sold off! Citi maintains "Sell" rating on Moderna (MRNA.US), $80 target price implies over 60% downside

Zhitong Finance APP has learned that Citi issued a research report maintaining its "Sell" rating and $80 price target on Moderna (MRNA.US). The bank noted that Moderna's investor call held during the European Society for Medical Oncology (ESMO) further reinforced management's confidence in its individualized cancer therapy platform, but did not materially change Citi's view on its commercialization limitations and valuation disconnect.