Moderna’s shares declined 7.4% in early trading on Friday after the biotech company’s stock surged to a record high earlier this week following a landmark Phase 3 trial announcement.
The decline follows Moderna’s announcement on Monday that its personalized mRNA cancer vaccine, Intismeran autogene, met the primary endpoint in the INTerpath-001 trial for melanoma. The trial represents the first successful late-stage outcome for an mRNA-based cancer vaccine, driving Moderna’s stock up roughly 177% in a single session. Shares had reached an all-time intraday high of $176.66 on August 19.
Analysts at UBS raised Moderna’s price target to $150, while Bank of America upgraded its rating on the stock. JPMorgan cautioned that the vaccine’s commercial launch, estimated to be at least a year away, remains critical to the company’s profitability given Moderna’s recent financial performance.
Moderna reported a net loss of $782 million in its most recent quarter. Broader market indices, including the S&P 500 and NASDAQ, were mixed during the same trading session.
The initial Phase 3 announcement did not provide detailed efficacy data, leaving investors to rely on analyst projections for near-term revenue expectations.
