Why Moderna stock is rallying today
Moderna (NASDAQ:MRNA) shares are rallying Monday, with the stock up more than 10%, trading over the $114 per share mark. The move has seen MRNA climb to its highest level since January, adding to its gains so far this year after a dismal 2023.
Why Moderna stock is rallying
According to a government trial website, the drugmaker is beginning a mid-stage study to try its experimental cancer vaccine in patients with cutaneous squamous cell carcinoma, a form of skin cancer. The trial is in collaboration with Merck.
Furthermore, in a note released to clients on Monday, analysts at UBS said that in a fireside chat on Moderna’s latent virus platform, they noted the potential Ph3 CMV data this year, which they see as an underappreciated catalyst for shares and a “large potential opportunity ($3B+) for MRNA.”
“From the call we thought mgmt sounded confident heading into the potential Ph3 data this year, and overall we left the call with increased conviction in the potential for MRNA's CMV program and its broader latent virus portfolio,” said UBS.
Overall, UBS continues to believe MRNA's platform and broader pipeline are underappreciated, and they remain focused on Ph3 CMV data which they think is likely a potential upside driver for shares.
Elsewhere, Jefferies, which has a Buy rating and $115 price target on Moderna, noted that Merck posted a new Phase 3 study with the Moderna cancer vaccine V940. They stated it “is now the third Phase III study for Merck, which suggests even more investment put to work on the program and speaks to continued confidence in a broad program.”
Moderna updates
In Moderna’s fourth quarter results, the company acknowledged that 2023 was a year of transition as it adapted to the endemic market.
It also
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