Moderna (MRNA) is facing several vaccine headwinds in the near to medium term, particularly for its COVID and respiratory syncytial virus vaccines, RBC Capital Markets said in a note emailed Monday.

The company's Q2 results were "relatively unconventional," RBC said, noting that product revenue was generally in line with expectations. Moderna reported a Q2 net loss of $1.97 per diluted share, narrowing from a loss of $2.13 a year earlier, as revenue increased to $145 million from $142 million.

Among the highlights of the quarter is Moderna's norovirus vaccine missing the phase 3 interim, RBC said. The company did not issue material updates on individualized neoantigen therapy but a phase 3 study in melanoma remains on track, with potential interim readout within the year, the brokerage added.

Meanwhile, the Aug. 5 target action date for Moderna's flu vaccine approaches and is likely to get approved, RBC said.

RBC kept its sector perform rating on Moderna, with a $45 per share price target.

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