Moderna Stock Surges Over 10% to Hit New Recent High: Melanoma Vaccine Data Set for ESMO, BofA Raises Price Target to $200

TradingKey - On October 9 ET, after Moderna (MRNA) was officially included in the Nasdaq 100 Index, its stock price once rose over 10%, hitting a recent high. As of press time, Moderna's gain narrowed to 5.74%, trading at $208.31.

On the news front, Moderna has not yet published the full Phase 3 clinical trial results for its melanoma vaccine. Citi analyst Geoff Meacham pointed out that the market expects to see the data at the European Society for Medical Oncology (ESMO) Congress in Madrid later this month.

Bank of America analyst Alec Stranahan called the relevant results a "watershed moment." In his view, this progress could help Moderna reduce its reliance on the infectious disease business and ease the company's long-standing capital pressures. Bank of America raised its price target for Moderna from $170 to $200 while maintaining a "Neutral" rating.

Moderna stock price chart, Source: TradingView

In addition, Tempus announced that it has expanded its multi-year collaboration with Moderna and Merck to prepare for the potential commercialization of the individualized neoantigen therapy intismeran autogene (V940/mRNA-4157).

Reportedly, V940 is jointly developed by Moderna and Merck and is currently being evaluated in combination with Merck's anti-PD-1 therapy Keytruda (pembrolizumab) in study populations including patients with resected Stage IIB to IV melanoma, as well as other cancer patients.

Said Francis, Chief Commercial Officer of Individualized Neoantigen Therapies at Moderna, stated that moving individualized therapies from clinical development to potential commercialization requires a stable and reliable diagnostic network. Tempus's commercial network and sequencing capabilities will help Moderna expand its delivery capacity for individualized neoantigen therapies.