BUZZ - Citi maintains bearish rating after Moderna releases complete melanoma vaccine data; stock continues to decline

October 26 - ** Pharmaceutical company Moderna (stock code: MRNA.O) shares fell by 6.4% to $187.25, after having already declined by 18% over the previous two trading sessions

** Citigroup maintains a "Sell/High Risk" rating on the stock, with a target price of $80

** The brokerage stated that the comprehensive data from Moderna's experimental cancer vaccine "intismeran" for treating melanoma did not ease market concerns about its valuation and execution capabilities

** Citi said that although experts had a positive view of the data, they believe it is not a therapy that fundamentally transforms the treatment of melanoma

** Citi analysts pointed out that the market remains concerned about manufacturing timelines, patient screening obstacles, commercialization efforts, and whether the results in the melanoma trial can be replicated in other cancers

** The brokerage noted that the market still has high expectations for the upcoming kidney cancer data, and the current valuation already assumes that several unverified factors will succeed

** The target price set by Citi implies about 60% downside compared to Moderna's closing price last Friday

** After the trial results were leaked on an oncology website, the company and its partner Merck (MRK.N) released detailed data from the late-stage melanoma clinical trial (link) ​‌

** Including the day's movement, the stock has risen about 557% so far this year

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