From $63 To $195: Moderna’s Two-Month Rerating Isn’t Done
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Shares of Moderna (MRNA) extended a two-month surge on Thursday, helped most recently by CEO Stéphane Bancel's optimism about the company's potential outside of COVID vaccines and backed by positive late-stage trial results for the company's cancer vaccine announced last month. From about $63 on Aug. 18, the stock more than doubled the next day and has since climbed further. August ended at $140.34; September's advance has added roughly another 39% into Thursday's session, when it hit a fresh 52-week high of $195.71 and closed around $195. The rally was kickstarted by data from the late-stage melanoma trial INTerpath-001, tied to intismeran, Moderna's experimental personalized cancer vaccine with Merck. The companies split costs and profits 50/50. At Bernstein on Sept. 23, Bancel rejected the COVID-only label. "Moderna has never been a COVID-19 vaccine company," he said. "We are, de facto, the only mRNA company standing." He cited five approved vaccines, two launches this year, a 50/50 Merck oncology franchise, and rare-disease pivotal data due by year-end. Chief Development Officer David Berman said similar benefit in tumors with many mutations and those with few observed in previous trials of the cancer vaccine supports testing it wherever checkpoint drugs like Merck's blockbuster cancer drug Keytruda already work -...
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