Moderna stock rebounds on positive Phase 3 melanoma vaccine data despite valuation downgrade
Moderna’s personalized cancer vaccine intismeran showed a 42% reduction in melanoma recurrence or death in the Phase 3 INTerpath‑001 trial presented at ESMO 2026 and published in The New England Journal of Medicine. The data lifted the share price about 3‑4% to roughly $215‑$217, even as William Blair cut its rating to Market Perform citing a very high valuation after a huge year‑to‑date rally. Piper Sandler responded by raising its price target to $230, countering the downgrade and suggesting further upside for the stock.
Why it matters
Piper Sandler’s target increase to $230 signals analyst confidence that the trial results could translate into significant revenue, potentially supporting a higher stock valuation. The price rebound shows that investors are willing to buy on the back of peer‑reviewed efficacy data despite concerns about the current multiple.
Key facts
- 1The Phase 3 INTerpath‑001 trial demonstrated a 42% reduction in melanoma recurrence or death versus Keytruda alone. investing.com
- 2Moderna’s stock rose 3.1% to $214.41 in morning trading. investing.com
- 3Moderna’s stock rose 4% to $217 later the same day. 247wallst.com
- 4William Blair downgraded Moderna to Market Perform, citing a 636% year‑to‑date gain. 247wallst.com
- 5Piper Sandler raised its price target on Moderna to $230 from $167. investing.com
- 6Analyst Myles Minter estimates a 70%‑75% probability of success for the melanoma indication. 247wallst.com
Open questions
- Year‑to‑date rally cited as 545% in material 1 versus 636% in material 3.
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.