Key Highlights
- Moderna shares climbed 13% to reach $67.50 on June 26, tracking toward the highest closing price since September 2024
- The biotech firm unveiled mRNA-6007, its inaugural in vivo CAR-T therapy, aimed at autoimmune conditions, with clinical trials scheduled to begin in 2027
- Andrew Tsai from Jefferies identifies late 2026 Phase III melanoma results as the critical upcoming catalyst; maintains Hold rating with $53 price objective
- Edward Tenthoff at Piper Sandler increased his target price to $77 while keeping an Overweight stance
- CNBC’s Jim Cramer declared Moderna “finally investable again” while recommending investors hold off for a market correction before entering positions
Shares of Moderna rocketed 13% to $67.50 during trading on June 26, securing the top spot among S&P 500 gainers that session and positioning the stock for its strongest close in nine months. The rally followed the company’s investor day presentation, which showcased an expansive development pipeline that extends far beyond its coronavirus vaccine origins.
The centerpiece of the announcement was mRNA-6007, Moderna’s debut in vivo CAR-T therapeutic program. Clinical trials are slated to commence in 2027, initially targeting B-cell-mediated autoimmune conditions such as systemic lupus erythematosus.
The in vivo CAR-T methodology involves engineering a patient’s T-cells to combat disease directly within the body — eliminating the need for laboratory processing. This approach offers advantages in speed and cost compared to traditional ex vivo techniques, which require extracting cells, modifying them outside the body, and reinfusing them into patients.
Moderna faces competition in this therapeutic area. Eli Lilly entered the in vivo CAR-T space earlier this year through its agreement to acquire Orna Therapeutics and gain access to its platform technology. Lilly’s shares also rose 6% on June 26, driven by favorable EU regulatory feedback on Jaypirca, its oral cancer treatment.
Analyst Perspectives
Andrew Tsai at Jefferies characterized the early-stage cancer programs as having potential to “meaningfully diversify the mRNA pipeline.” However, he identified Phase III melanoma results anticipated in late 2026 as the more significant near-term catalyst for share performance. Tsai maintains a Hold rating on Moderna, increasing his price objective to $53 from the previous $45.
Edward Tenthoff from Piper Sandler took a more optimistic stance, boosting his target to $77 from $69 while maintaining his Overweight rating. He attributed the increase to the pipeline developments showcased during the investor day event.
On July 1, Jim Cramer of CNBC stated Moderna is “finally investable again,” highlighting its oncology pipeline and improved outlook for achieving profitability. He observed the stock has rallied approximately 150% during 2026, ranking among the strongest performers in the S&P 500 this year.
Despite the bullish assessment, Cramer counseled caution. “I recommend waiting for a pullback before you buy,” he advised on Mad Money.
Expanding Therapeutic Portfolio
Moderna’s investor day materials categorized its development pipeline into three “horizons.” The initial horizon encompasses late-stage clinical programs and commercialized products. Tsai at Jefferies projects the company could secure approval for over seven products spanning respiratory, oncology, and rare disease categories within the next two years.
This would represent substantial growth from the existing three-vaccine commercial lineup. The company introduced its inaugural commercial offering — the Spikevax COVID-19 vaccine — in 2020.
Oncology programs currently in development include mid and late-stage clinical trials addressing melanoma, non-small cell lung cancer, renal cell carcinoma, and bladder cancer. A pivotal study evaluating Moderna’s Intismeran in combination with Merck’s Keytruda for adjuvant melanoma treatment is anticipated to deliver results later this year.
Regarding regulatory milestones, an FDA advisory committee recently issued a positive recommendation for Moderna’s investigational influenza vaccine prior to the August 5 regulatory decision deadline. The European Commission has granted approval for the company’s combined Covid and flu vaccine formulation.
