JPMorgan analyst Jessica Fye downgraded Moderna to Underweight from Neutral with a price target of $70, down from $88. While the reset to Moderna’s long-term guidance should not come as a surprise, JPMorgan is still lowering estimates, the analyst tells investors in a research note. The firm is projecting the launch of multiple new products over the coming years, buts 2028 revenue estimate falls shy of the $6B targeted to achieve operating cash breakeven that year. The update that the Phase III trial for individualized neoantigen therapies in adjuvant melanoma will be fully enrolled this year was overshadowed by initial feedback that the FDA does not support filing for accelerated approval, contends JPMorgan. It believes the update defers a potential catalyst for an asset that has captured the Street’s attention. As such, it could be challenging for Moderna shares “to perform apace with the group,” the firm concludes.