Not Lilly. Not Johnson & Johnson. This Stock Will Be the Biggest Healthcare Winner of 2026

TD Cowen kept its Hold rating on Moderna (MRNA) with a $90 price target, implying a 62.8% downside from the Oct 20 close. The firm cited positive clinical developments and resilient revenue projections for Moderna's COVID-19 and INT franchises.

Moderna's stock has surged 600% in 2023, reaching near 52-week highs, driven by positive Phase 3 results for its personalized cancer vaccine in partnership with Merck. The company's market cap is now $96 billion, but analysts are divided, with average price targets around $123. Moderna's revenue has declined to $1.94 billion, with a net loss of $2.82 billion. The success of its oncology bets remains uncertain.

TD Cowen raised its price target for Moderna from $40 to $90. The company's stock is currently trading at $242.08, up 6.69% in pre-market. The adjustment reflects a significant increase in the firm's valuation of the biotech company.

TD Cowen raised its price target on Moderna (MRNA) to $90 from $40, maintaining a Hold rating. The stock trades near its 52-week high at $242, up 721% YTD. The firm updated its financial model, estimating peak INT profit of $3.4B in 2035 for Moderna's cancer treatments. Moderna will join the Nasdaq-100 Index on October 9. Analysts from Bernstein and UBS maintained their ratings and price targets.

Moderna (MRNA) shifted focus from COVID-19 vaccines to oncology, with a personalized cancer vaccine in late-stage trials. The company reported positive phase 3 results for its melanoma treatment in combination with Merck's Keytruda. Moderna's stock has surged over 600% this year, but trading above Wall Street's average price target of $123. The global oncology market is projected to grow significantly, presenting a potential long-term opportunity for Moderna.

Moderna's mRNA-based flu vaccine, mFLUSIVA, showed 27% higher effectiveness than standard shots in clinical trials. FDA granted accelerated approval for adults 65+ based on immune responses, pending confirmation of clinical benefits. The vaccine is now available for adults 50+.