HSBC upgraded Moderna to Hold from Reduce with an unchanged price target of $82. The company’s mRNA cancer vaccine has progressed into the late clinical stage, leading the competition in this space, the analyst tells investors in a research note. The firm says that with multiple indications under development, it sees lower risk to the asset. Despite the uncertainty on Moderna’s respiratory vaccine franchise, HSBC sees “great potential” from its individualized neoantigen therapy, which is currently in Phase 3. Although the uncertainty on Moderna’s respiratory vaccine franchise is likely to continue in the medium term, its cancer vaccine program is showing “great potential” as a future revenue stream, the firm contends.