Citi downgrades Moderna to Sell,: 222% rally overprices cancer prospects

Citi downgraded MRNA to Sell from Neutral, raising its price target to $80 from $60 but arguing the stock's 222% rally since interim INTerpath-001 results has pushed valuation too far. The bank says the roughly $80B market cap implies success across multiple cancer indications, and even assuming 100% success for intismeran's lead programs, the stock is worth only about $100/share. To justify roughly $200/share, intismeran would need about $26B in annual cancer sales—nearly 7x Citi's forecast. Citi still sees intismeran as a potential leading melanoma treatment but says investors now need strong efficacy and consistency data.