Is Moderna (MRNA) Stock a Buy After the Cancer Vaccine Breakthrough?
TLDR
- Moderna stock jumped over 14% after its personalized mRNA cancer vaccine, intismeran autogene, hit its primary goal in a Phase 3 trial
- The trial showed intismeran, combined with Merck’s Keytruda, helped melanoma patients stay cancer-free longer than Keytruda alone
- Barclays raised its price target on Moderna to $125 from $48; Wolfe Research upgraded the stock to Peer Perform from Underperform
- Wolfe analysts project unadjusted peak sales of $9.2B across four cancer indications before the profit split with Merck
- Moderna stock is up 392% year-to-date, though analysts note much of the commercial upside may already be priced in
Moderna stock was trading around $154.94 on Tuesday, up nearly 12% on the session, making it the top-performing stock in the S&P 500 that day. The broader move higher comes after the stock surged following last week’s Phase 3 trial announcement, pulled back on profit-taking, and is now recovering.
The catalyst is the Phase 3 trial result for intismeran autogene, Moderna’s personalized mRNA cancer vaccine developed in partnership with Merck. The trial showed the combination of intismeran and Merck’s Keytruda helped melanoma patients stay cancer-free longer than Keytruda alone. This is the first positive late-stage trial result for an mRNA cancer vaccine.
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