Moderna’s shares declined 13% in pre-market trading on Wednesday, retracing from Tuesday’s close of $174.38 to $151.78.
The retreat followed a sharp advance the prior session, when the stock more than doubled from under $65 to above $174 after Moderna and Merck announced positive results for their personalized mRNA cancer vaccine, intismeran autogene, in the Phase 3 INTerpath-001 trial.
The trial enrolled over 1,100 high-risk melanoma patients and met both primary and key secondary endpoints, marking the first successful outcome for an mRNA-based therapy in a large late-stage cancer study.
Analysts have adjusted price targets in response to the data. RBC Capital raised its target to $130 from $45 but maintained a Sector Perform rating. Bank of America upgraded the stock and lifted its target to $170.
Moderna reported a net loss of $782 million in the second quarter of 2026, with negative operating cash flow persisting. The broader market benchmarks—S&P 500, Nasdaq, and Dow Jones—remained largely flat, indicating the move was company-specific.
BioNTech, another mRNA oncology developer, saw gains on Tuesday alongside Moderna, reflecting sector-wide optimism tied to the trial results.
