Moderna Inc (MRNA.O): Science Day highlights mRNA platform breadth, although much remains beyond the near horizon

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Moderna Inc (MRNA.O): Science Day highlights mRNA platform breadth, although much remains beyond the near horizon

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25 Jun 2026 14:06:21 ET │ 11 pages

Moderna Inc (MRNA.O)

Science Day highlights mRNA platform breadth, although much remains

beyond the near horizon

CITI’S TAKE Neutral / High Risk

We come away from Moderna’s Science Day with a better appreciation for Price (24 Jun 26 16:00) US$60.42

how far the mRNA/LNP platform can stretch, but still see limited valuation Target price US$41.00

credit until more human proof-of-concept data emerge. The mRED

Expected share price return -32.1% portfolio — spanning cancer antigen therapies, T-cell engagers, EBV/MS,

and in vivo CAR-T — underscores a broader ambition beyond respiratory Expected dividend yield 0.0%

vaccines, with several early in-clinic applications worth watching. In vivo Expected total return -32.1%

CAR-T for SLE and other B-cell mediated autoimmune diseases is Market Cap US$23,974M

conceptually compelling given large unmet need, but remains preclinical

and further out. Near-term growth still depends on respiratory vaccine

launches (flu PDUFA 8/5), where seasonality and policy variability keep us

cautious, though OUS expansion could help. For investors, Merck- Geoff Meacham, Ph.D.AC

partnered intismeran’s phase 3 interim adjuvant melanoma readout (Citi +1-404-443-4701

est. 3Q26) remains the key late-stage platform proof point and likely geoffrey.meacham@citi.com

gating factor for mRNA-4359 progression. Maintain Neutral / HR and $41 Jarwei Fang

target price. +1-212-816-5127

jarwei.fang@citi.com

Platform breadth was the point — Science Day was less about changing near-term Nishant Gandhi, Ph.D.

numbers and more about showing how Moderna’s mRNA/LNP platform could extend nishant.gandhi@citi.com