Fresh analyst commentary put the spotlight on Moderna’s expanding mRNA cancer pipeline and Precigen’s transition into a commercial-stage biotech following the FDA approval of Papzimeos.
- B. Riley initiated coverage of PGEN with a ‘Buy’ rating and $12 target, implying more than 50% upside.
- MRNA touched a fresh 52-week high as Bernstein highlighted Intismeran as the clearest validation yet of Moderna’s broader mRNA platform.
- Moderna is headed toward detailed Phase 3 melanoma data at ESMO in October, while Precigen is ramping up the commercial launch of Papzimeos.
Moderna (MRNA) and Precigen (PGEN) hit new milestones on Friday, as investors weighed fresh Wall Street commentary on the biotech companies’ cancer-focused therapies.
MRNA shares gained 1.5% to their highest level since January 2023, while PGEN shares edged marginally lower after hitting over five-year highs.
B Riley Sees Papzimeos Traction
Precigen received a bullish Wall Street call on Friday, with B. Riley initiating coverage with a ‘Buy’ rating and a $12 price target. This represents more than 50% upside from current levels.
The brokerage highlighted the early commercial performance of Papzimeos, Precigen’s lead therapy and the first FDA-approved treatment for adults with recurrent respiratory papillomatosis (RRP), a rare disease that causes tumors to repeatedly grow in the respiratory tract.
The FDA recently approved Papzimeos, marking Precigen’s transition into a commercial-stage company. B. Riley noted that the approval did not require a confirmatory trial, removing a potential additional development burden for the company.
The brokerage said Papzimeos’ launch is progressing faster than several recent rare-oncology drug launches.
Bernstein’s Take On MRNA’s Intismeran
Moderna remained in focus on Friday after Bernstein reiterated a ‘Market Perform’ rating. The firm highlighted Intismeran, Moderna’s personalized cancer therapy developed with Merck (MRK), as the strongest validation yet of the company’s mRNA platform beyond vaccines. Moderna recently reported positive Phase 3 results in high-risk melanoma, with the study meeting both of its main goals at an interim analysis.
Moderna is expected to present detailed results at the ESMO Congress in October. The company is also testing Intismeran across several other cancers and treatment settings as it looks to broaden the therapy’s potential.
At Bernstein’s healthcare conference this week, CEO Stéphane Bancel stressed the breadth of Moderna’s pipeline, saying Intismeran is “not our best product,” despite its promising results.
How Have PGEN And MRNA Performed This Year?
Retail sentiment surrounding MRNA turned ‘extremely bullish’ from ‘bullish’ over the past 24 hours, while sentiment for PGEN remained ‘bullish.’
While PGEN shares have recorded a solid 80% gain this year, MRNA stock has surged more than 540% due to the trial success of Intismeran.
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