Moderna (MRNA) is showing continued advancement across its pipeline, with progress in cancer vaccines and infectious disease programs supporting a more balanced risk-reward profile, RBC Capital said in a Friday note.

According to the note, Moderna's Q1 results were driven by a stronger-than-expected COVID franchise, largely supported by international revenue recognition, while management reaffirmed its full-year outlook across revenue, R&D, SG&A, and capital expenditures.

RBC highlighted ongoing momentum in Moderna's infectious disease pipeline, including upcoming flu vaccine regulatory milestones, progress on a flu-COVID combination shot, and advancement of its norovirus program, with data expected later this year depending on case accruals.

On oncology, RBC noted upcoming catalysts for Moderna, including potential Phase III adjuvant melanoma data, updated Phase II results at ASCO, and a new pivotal early-stage non-small cell lung cancer study using its cancer vaccine platform.

RBC maintained its sector perform rating on the stock and raised its price target to $38 from $35.

Shares of Moderna were up over 4% in Monday trading.

Price: 47.57, Change: +2.20, Percent Change: +4.85