Piper Sandler maintains Moderna at Overweight, raises price target to $305 from $230

Moderna (MRNA) shares rose 6.4% after reporting Q3 2026 revenue of $1.3B, up 29% YoY, and raising full-year revenue growth forecast to 15-25%. The company also posted GAAP net income of $0.2B and EPS of 38 cents. The stock has gained 739% YTD, reaching a new 52-week high of $258.80.

Moderna and Merck aim to file for FDA approval of their cancer therapy, intismeran autogene, by year-end 2026, with a potential decision in 2027. The therapy showed positive results in a phase III study, reducing recurrence or death risk by 42%. Manufacturing and commercialization challenges remain, including patient-specific production and pricing. Moderna's shares have surged 760% year-to-date, trading at a premium P/S ratio of 38.88.

Health Canada approved Moderna's mRNA flu vaccine, mFLUSIVA, and its mRNA flu-COVID combo shot, mCOFLU, for adults 50+. Canada is the first country to approve both. A former U.S. health official alleged political pressure influenced the FDA's approval, which is contested. Health Canada's review process and the lack of immediate rollout raise questions about the approval's basis and timing.

Moderna's stock rose 9% after Piper Sandler increased its price target to $305, citing strong Q3 results and a raised 2026 revenue outlook. The company's growth was driven by overseas COVID vaccine sales and government deals, while BioNTech and Pfizer saw declines. Piper's target also reflects optimism about Moderna's melanoma vaccine in development with Merck. Goldman Sachs maintained a Neutral rating with a $195 target.

Piper Sandler raised its price target on Moderna (MRNA) to $305 from $230, citing strong Q3 2026 sales and increased 2026 revenue guidance. The stock has risen 936% in the past year. Moderna reported Q3 2026 earnings of $0.38 per share, up from a loss of $0.51 per share a year ago, with revenue up 29% to $1.3 billion. The company is also advancing cancer research with Merck, targeting a 2027 approval for a melanoma treatment.

GSK and Moderna settled patent disputes over Moderna's COVID-19 and RSV vaccines, granting cross-licenses with no payment obligations. Both companies filed to dismiss GSK's U.S. claims with prejudice. GSK had sued Moderna in 2024 over lipid nanoparticle technology, separately suing Pfizer and BioNTech earlier. The cases are part of broader patent disputes among COVID-19 vaccine developers.