Published: November 11, 2025
Moderna, Inc. (NASDAQ: MRNA) drew multiple analyst headlines today as Wall Street recalibrated views in the wake of last week’s earnings and ongoing cost‑cutting. UBS highlighted potential 2026 upside on pipeline and expense discipline; Redburn Atlantic trimmed its price target; and Bernstein reiterated a neutral stance. Shares traded higher during the U.S. session alongside the commentary. 1
Today’s key headlines
- UBS: “Cost‑cutting and pipeline catalysts set the stage for 2026 upside.” An MT Newswires note flagged UBS’s constructive medium‑term view tied to Moderna’s expense reductions and late‑stage assets. 1
- Redburn Atlantic (Rothschild & Co Redburn): PT cut to $36 from $53, rating Neutral. The brokerage reduced its target while keeping a neutral recommendation. 2
- Bernstein: Market Perform reiterated, $25 PT; cost cuts seen as “critical.” Bernstein maintained a neutral stance and $25 target, emphasizing the importance of cash‑cost reductions to avoid external capital needs. 3
Stock move: By mid‑session, MRNA traded notably higher—around the mid‑single digits—amid the day’s analyst chatter. 3
Why these calls matter
Investors are still digesting Q3 2025 results from November 6, when Moderna posted a narrower‑than‑expected loss ($0.51 per share) on revenue of ~$1.02B and tightened 2025 sales guidance to $1.6B–$2.0B. Management also lowered the year’s operating‑expense outlook by ~$700M, underscoring aggressive cost controls as COVID/RSV demand stays subdued. Today’s notes effectively frame how the Street views that reset. 4
Context: What changed last week
- Earnings & guidance: Q3 revenue of roughly $1.02B (‑45% YoY) beat consensus; full‑year sales outlook narrowed to $1.6B–$2.0B; operating expenses trimmed further as part of a multi‑year cost plan. 4
- Cost discipline as the main lever: Management has targeted lighter cash costs through 2025–2026 to push toward cash breakeven by 2028, a timeline the Street continues to monitor. 5
Pipeline and product watch (background investors are weighing)
- CMV (mRNA‑1647) program discontinued (congenital setting). On Oct. 22, Moderna halted the late‑stage congenital CMV program after missing the primary endpoint; a separate Phase 2 study in transplant settings continues. The company said the move does not change 2025 guidance or its breakeven aim. 6
- Respiratory vaccines: Updated Spikevax formulation is shipping for the 2025‑26 season globally, while uptake in the U.S. remains a swing factor; RSV mRESVIA sales were minimal in Q3, reinforcing the need for tight opex. 4
- Oncology (with Merck): The individualized neoantigen therapy mRNA‑4157 (V940) continues in Phase 3 (melanoma) with additional NSCLC studies underway—key to the medium‑term narrative beyond respiratory vaccines. 7
Calendar note
The broader mRNA ecosystem is meeting this week at the 13th International mRNA Health Conference in Berlin (Nov. 11–13), which often surfaces platform updates and partnering signals across the field. While not a company‑specific catalyst, it can shape sentiment around mRNA technologies, including Moderna’s programs. 8
Quick read: Takeaways for November 11, 2025
- Street tone: Mixed but stabilizing. UBS points to 2026 upside if cost actions stick and late‑stage assets deliver; Redburn trims targets to reflect the new base; Bernstein stays neutral with an eye on cash runway. 1
- Numbers that matter: Q3 beat on the bottom line; 2025 sales guide $1.6B–$2.0B; opex pushed down again. Execution on these targets remains the central bull/bear debate. 4
- What could move the stock next: Clarity on the COVID/flu combo regulatory path, any RSV label/uptake expansion, and visible progress or data milestones from mRNA‑4157 and other late‑stage assets. 4
Editor’s note on sources (Nov. 11, 2025)
This article synthesizes same‑day analyst commentary and recent company/regulatory updates:
- UBS medium‑term view via MT Newswires item on MarketScreener. 1
- Redburn Atlantic PT change to $36 (Neutral) via MT Newswires/MarketScreener. 2
- Bernstein reiteration (Market Perform, $25 PT) via Investing.com. 3
- Q3 results, guidance tightening, and operating‑expense cuts via Reuters/WSJ coverage. 4
- CMV program discontinuation and guidance impact via Reuters. 6
- Ongoing mRNA field event (Berlin conference) via event organizers. 8
Disclosure: This report is for informational purposes only and does not constitute investment advice.
