Stocks
Moderna Stock Surges on Upbeat Oncology Data and Raised Price Targets
Moderna's stock rose on Tuesday as analysts upgraded their ratings following positive Phase 3 oncology data.
The company, along with partner Merck & Co Inc. (NYSE:MRK), announced that their Phase 3 INTerpath-001 trial of intismeran autogene met its primary endpoints in patients with resected high-risk melanoma.
Wolfe Research upgraded Moderna, echoing BofA Securities' move last week to raise its price target to $170. The positive data has boosted investor confidence in Moderna's late-stage pipeline, solidifying its expansion beyond infectious disease vaccines into oncology applications.