TD Cowen Adjusts Price Target on Moderna to $90 From $40

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 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+.

Merck and Moderna plan to seek FDA approval for their personalized mRNA melanoma vaccine, intismeran autogene, combined with Keytruda, after Phase 3 trial results showed improved recurrence-free and distant metastasis-free survival. The vaccine is tailored to each patient's tumor and is being explored for other cancers. Full data is not yet public, and no filing date has been set.

Moderna (MRNA) shares rose 4.4% to $227.61 on anticipation of Phase 3 melanoma data presentation with Merck at ESMO Congress on Oct 24. BofA raised its price target to $220 from $200, maintaining a Neutral rating. The stock rebounded from a 10% drop on Friday. Jefferies expects peak melanoma sales to exceed $3 billion. Moderna reports Q3 results on Nov 6.