Moderna Jumps 4% Despite William Blair Downgrade on Valuation; Novavax and BioNTech Edge Higher

Moderna (MRNA) stock rose 3.1% to $214.41 after positive Phase 3 trial data for its cancer vaccine was presented, showing a 42% reduction in melanoma recurrence risk. Piper Sandler raised its price target to $230, countering a prior downgrade. Analysts remain divided, with a consensus 'Hold' rating. The stock had fallen 18% the prior week. Earnings are due November 6.

Merck and Moderna's personalized mRNA cancer vaccine, intismeran, showed positive Phase 3 trial results, reducing melanoma recurrence risk by 42%. The trial involved 1,000 patients and combined intismeran with pembrolizumab. According to CEO Amy Walker, the data is a milestone for personalized cancer vaccines and may boost funding in the field.

Moderna (MRNA) shares dropped 3% after William Blair downgraded the stock to Market Perform, citing uncertainty over the cancer vaccine's broader applications. The move follows a 245% rally after positive melanoma trial results. Analysts question the stock's valuation amid mixed study data and clinical uncertainties. MRNA is up 545% year-to-date, with divided Wall Street recommendations.

Merck (MRK) and Moderna (MRNA) reported that their personalized mRNA cancer vaccine, intismeran, reduced recurrence or death risk by 42% in melanoma patients when combined with Keytruda. The trial results mark a significant advance in personalized cancer medicine, according to experts. The companies are exploring the vaccine's potential in other tumor types and stages, with ongoing trials.

Regeneron presented Phase III data for Libtayo (cemiplimab) in skin cancer, showing a 37% reduction in death risk. Pfizer's STARBOARD trial showed Keytruda triplet therapy improved outcomes in melanoma. Both studies were discussed at ESMO 2026.

Moderna's stock declined after William Blair downgraded it, citing valuation concerns following a late-stage success of its cancer vaccine developed with Merck.