MRNA Stock Hits Fresh 52-Week Highs As Goldman Raises Target Ahead Of Melanoma Data

• Richter said the full late-stage results for intismeran autogene in adjuvant melanoma, due at the European Society for Medical Oncology Congress on October 24, are a key near-term catalyst.
• The analyst also noted that upcoming early-stage safety and immune-response data in pancreatic cancer could help show the therapy’s potential in solid tumors that resist immunotherapy.
• MRNA has clocked major gains in the past few weeks on positive trial data, addition to the Nasdaq-100 and reports of a planned National Institutes of Health-backed public-private effort to accelerate cancer vaccine research.

Shares of Moderna (MRNA) rose sharply on Thursday, hitting a new 52-week high, after Goldman Sachs raised its price target on the stock, pointing to anticipation for the company’s full trial data on its cancer vaccine.

Goldman Sachs analyst Salveen Richter raised the firm’s price target on Moderna to $137 from $120 while maintaining a Neutral rating. The new price target, however, implies a potential downside of about 39% from the stock’s last close on Wednesday.

Richter said the full late-stage results for intismeran autogene in adjuvant melanoma, due at the European Society for Medical Oncology Congress on October 24, are a key near-term catalyst. The analyst said a recurrence-free survival hazard ratio below 0.70 is needed to support the current share price. Richter also noted that upcoming early-stage safety and immune-response data in pancreatic cancer could help show the therapy’s potential in solid tumors that resist immunotherapy.

MRNA stock is currently trading 5% higher at around $238, after paring some gains from its intraday high around $242.

MRNA Adds Near 66% Over Past Month

The price target hike follows a series of other positive developments that have driven Moderna higher. In August, the company announced that the late-stage trial of intismeran autogene plus Merck’s Keytruda had met its primary endpoint of recurrence-free survival and a key secondary endpoint of distant metastasis-free survival in patients with resected high-risk melanoma. Investors are now awaiting full data slated for Oct. 24.

The positive trial pushed the stock higher, and it subsequently crossed the market valuation required to return to the Nasdaq-100 index on Oct.9, replacing Warner Bros. Discovery, which again spurred passive buying. A report from The New York Times earlier this month of a planned National Institutes of Health-backed public-private effort to accelerate cancer vaccine research added to the optimism.

According to data from Koyfin, 5 of 23 analysts rate it ‘Buy’ or higher, while 14 rate it ‘Hold’ and four rate it ‘Sell’ or ‘Strong Sell.’ The 12-month average price target on the stock is $122.67, representing a downside of over 48% from current trading levels.

How Did MRNA Retail Traders React?

On Stocktwits, retail sentiment around MRNA stock stayed within the ‘neutral’ territory over the past 24 hours, while message volume stayed at ‘high’ levels.

A Stocktwits user opined that Moderna’s rally is reminiscent of GameStop’s meme rally in early 2021 and termed the stock ‘overvalued.’

Another expressed anticipation for the full data readout later this month.

MRNA stock has gained 708% year-to-date. 

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