Moderna (MRNA) stock continued to rise on Thursday as investors assessed positive late-stage results for the company’s personalised mRNA cancer vaccine and a series of analyst upgrades and higher price targets.
The main catalyst has been the Phase 3 success of intismeran autogene, Moderna’s personalised mRNA cancer vaccine being developed with Merck’s Keytruda.
The treatment significantly reduced the risk of melanoma recurrence or death compared with Keytruda alone in patients with high-risk melanoma.
The results have led to a sharp reassessment of Moderna’s prospects as the company seeks to expand beyond its COVID-19 vaccine business.
Moderna’s cancer vaccine delivers Phase 3 success
The latest rally follows results from the Phase 3 INTerpath-001 trial, announced by Moderna and Merck on August 19.
The trial involved more than 1,100 patients with high-risk melanoma and compared the combination of intismeran autogene and Keytruda with Keytruda alone.
The combination significantly improved recurrence-free survival, according to the results.
The readout was described as the first positive Phase 3 result for a personalised mRNA cancer vaccine.
The treatment is designed individually for each patient using mutations identified in their tumour.
The companies said no new safety concerns emerged from the trial.
Moderna and Merck are continuing a broader clinical programme covering nine trials across melanoma, lung, bladder and kidney cancers.
The positive results have contributed to a sharp increase in Moderna shares.
The stock has gained more than 100% over the past month.
Analysts raise Moderna price targets
Several Wall Street firms have raised their expectations for Moderna following the cancer vaccine results.
Argus Research upgraded the stock to Buy and set a $180 price target on August 28.
Rothschild & Co, meanwhile, cut its rating to Sell on September 3 but raised its price target to $81.
Wolfe Research lifted its rating to Peer Perform on August 25.
The analyst moves reflect differing views on how much of the company’s potential cancer opportunity is already reflected in its share price.
Moderna’s consensus rating remains Hold, with an average price target of $91.
Evercore ISI also maintains a Hold rating, while Rothschild & Co Redburn has a Sell rating.
Argus’s $180 target followed its earlier upgrade to Buy, which came alongside the FDA’s approval of Moderna’s updated 2026-2027 COVID-19 vaccines.
Moderna leads healthcare momentum
Moderna’s rally has also placed it among the strongest-performing large and mega-cap US healthcare stocks.
According to Seeking Alpha’s Quant Momentum Grade, which compares momentum indicators against sector peers, Moderna has an A+ Momentum Grade. The stock has gained 393.79% year to date.
The sharp move highlights the changing market narrative around Moderna as investors assess its potential beyond COVID-19 vaccines.
The company’s personalised cancer vaccine programme provides a new potential growth area, while its broader clinical programme could expand the opportunity across several cancer types.
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