CureVac (CVAC) shares traded higher Friday following a positive update from the company’s ongoing Phase 1 trials for its monovalent COVID and flu mRNA vaccines being developed in collaboration with GSK (GSK), BofA analyst Geoff Meacham tells investors in a research note. The analyst says that while both vaccines will continue clinical testing using CureVac’s modified mRNA backbone, he questions the market opportunity in COVID and flu. The COVID vaccine space is “already well-served as demand for frequent boosters has not materialized,” Meacham contends. He keeps an Underperform rating on CureVac with a $10 price target, saying it is “likely too late for COVID upside.” He finds the company’s flu opportunity “more interesting,” but says competitors are “far ahead.”