Moderna’s shares fell 7.4% in early trading after a sharp post-announcement rally on the company’s Phase 3 melanoma vaccine success. The stock had surged about 177% in a single session following the Aug. 19 announcement that its personalized mRNA cancer vaccine, Intismeran autogene, met its primary endpoint in the Phase 3 INTerpath-001 study.
The vaccine’s Phase 3 milestone marks the first advanced-stage success for an mRNA cancer treatment, but Moderna’s stock has since pared gains amid broader market caution. The company’s shares peaked at $176.66 on Aug. 19 before pulling back.
Analysts at UBS raised Moderna’s price target to $150, while Bank of America upgraded its rating. However, Wall Street’s consensus average remains well below recent elevated price levels, reflecting skepticism over the sustainability of the rally. JPMorgan analysts emphasized that the vaccine’s eventual commercial launch, expected no sooner than a year from now, is critical to Moderna’s return to profitability.
Moderna reported a net loss of $782 million in its most recent quarter, underscoring the financial strain as it advances its pipeline. The broader market showed limited upward momentum, with the S&P 500 modestly lower and the Nasdaq slightly negative, suggesting the stock’s move was company-specific rather than driven by macroeconomic factors.
The Phase 3 data did not include detailed efficacy metrics, leaving investors to weigh long-term commercial potential against current valuation levels.
