RBC Capital downgraded Moderna to Sector Perform from Outperform with a price target of $90, down from $125. The firm remains “big believers” in Moderna’s cancer vaccine and what its broader mRNA platform can do for both patients and shareholders over the long term. However, in the short-term, Moderna is facing “material headwinds” for both RSV and COVID, the analyst tells investors in a research note. RBC says accelerated approval for melanoma remains a possibility and bird flu could come back in focus, but the former is a “long shot” and the opportunity remains capped for the latter given no evidence of human-to-human transmissibility as of today. With sales likely to stay at $3B-$4B for the foreseeable future and Moderna hesitating in aggressively reducing costs, its balance sheet “no longer looks strong” even at $10.8B in cash, contends RBC.