Moderna Inc. (NASDAQ:MRNA) shares are trading higher Monday as investors position ahead of detailed Phase 3 melanoma data for its personalized cancer therapy this Saturday and after BofA raised its price target.
- Moderna shares are climbing with conviction. What’s driving MRNA stock higher?
Traders Move Into Moderna Ahead of Saturday’s Phase 3 Melanoma Data at ESMO
According to Investing.com, the main driver is Saturday’s Presidential Symposium at the ESMO Congress in Madrid, where Moderna and Merck will present full results from the Phase 3 INTerpath-001 trial at 10:30 a.m. ET on Oct. 24. The trial tested intismeran autogene plus Keytruda against Keytruda alone in 1,137 patients with resected stage IIB-IV melanoma. In August, the partners said it met its endpoints of recurrence-free and distant metastasis-free survival but didn’t release detailed results, including overall survival. Moderna will host an investor webcast at 1 p.m. ET the same day. Jefferies expects peak unadjusted sales in melanoma alone to top $3 billion.
BofA Raises Its Target, and the Stock Rebounds From Friday’s Drop Off Its 52-Week High
BofA raised its price target on Moderna to $220 from $200 and kept a Neutral rating. The stock is also rebounding after falling nearly 10% Friday from its 52-week high of $242.29, a drop attributed to profit-taking after a rally of more than 600% this year. Investing.com said the stock’s addition to the Nasdaq-100 on October 9 continues to support shares through demand from index funds, and that BioNTech and Pfizer were broadly flat, which suggests the move is specific to Moderna and not a sector rotation. The broader market was also higher, with the Nasdaq up about 1% and the S&P 500 up about half a percent. Moderna reports third-quarter results November 6.
Moderna Shares Climb Higher
MRNA Price Action: At the time of publication, Moderna shares are trading 4.40% higher at $227.61, according to data from Benzinga Pro.
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