MRNA 应予卖出；Citi 将其下调至卖出，目标价 80 美元（下行空间超过 60%），因癌症试验推动的 200% 涨幅已被充分定价，且估值假设了未来肿瘤领域的过度成功。
逐段跳播
我们将 Moderna 视为一个“卖出”标的。花旗今天给予其“卖出”评级。此前 Moderna 近期表现强劲，得益于一些积极的试验结果。他们将其评级从“中性”下调至“卖出”。与此同时，他们上调了该股的目标价，但仅上调至 80。
这是从 60 上调而来。因此，在今天之前，他们的展望并不十分乐观。这意味着较昨日收盘水平有超过 60% 的潜在下跌空间。
We view Moderna as a "sell" product. Citigroup gave it a "sell" rating today. This comes after Moderna's recent strong performance, thanks to some positive trial results . They have downgraded its rating to "Sell" from " Neutral".
At the same time, they raised the target price for the stock, but only to 80. This is a rise from 60. So, their outlook wasn't very positive before today. This means a potential drop of more than 60% from yesterday's closing levels.
他们为什么上调目标价？至于下调评级，他们认为公司价值更高，并试图跟上评级。但他们认为该股涨幅已远远超出这一改善。
Why did they raise the target price ? As for the downgrade, they see greater value in the company and are trying to keep up with the rating. But they believe the stock has risen far beyond that improvement.
推动这轮上涨的是自 8 月以来超过 200% 的涨幅。这得益于我们在个性化癌症治疗方面看到的后期试验结果。该疗法是与 Merck 合作开发的。该疗法利用患者肿瘤的独特特性，帮助免疫系统识别并对抗癌症。
因此，这是抗击癌症的一项重大突破。这是一项三期试验。所以，这是非常好的消息，花旗表示这现已完全反映在股价中。他们认为，有一个非常大的成功基本上已经包含在价格里了。
What drove this rise was the achievement of gains of more than 200% since August. This was driven by the late-stage results we had seen with regard to personalized cancer treatment .
This was developed in collaboration with Merck. The treatment uses unique properties of the patient's tumor to help the immune system recognize and fight the cancer . Therefore, it was a major breakthrough in the fight against cancer.
This is a phase three experiment. So, this was very good news, with Citi saying it is now fully priced in stock. They believe that there is a very large success that is essentially included in the price here.
他们担心，该股目前的估值假设了在这一结果之外取得更大的成功，以覆盖其他癌症，并且他们认为从当前水平实现销售可能很困难。
They are concerned that the stock now, in terms of valuation, assumes greater success beyond this result to reach other cancers , and they believe that sales may be difficult to achieve from here.
花旗估计，Moderna 将需要约 130 亿美元的年度肿瘤学收入才能支撑其当前估值，所以，这里的要点是，是的，这是与此事相关的一项有前景的进展。但价格从此处开始假设了很多预期。当然，这只是花旗的观点。
Citi estimates that Moderna will need about $13 billion in annual oncology revenue to justify its current valuation, So, the bottom line here is that yes, this was a promising development related to this matter.
But the price assumes a lot of expectations from this point. This is just City's opinion, of course.
这个频道对 $MRNA 的历次判断
Schwab Network 在这只股票上只有这一条判断。