Moderna melanoma vaccine data gains recognition; fifth institution upgrades rating

Moderna receives a new round of rating upgrades. Boosted by the latest clinical data from its melanoma cancer vaccine, the company has been rated bullish by multiple institutions in a short period, with a clear shift in market sentiment.

This week, Argus Research raised Moderna's rating from "Hold" to "Buy," marking the fifth upgrade by institutions recently.

Analyst Jasper Hellweg set a target price of $180, believing that positive data on the cancer vaccine provides further upside potential for the stock.

This rating change comes after Moderna and Merck released positive results for their melanoma mRNA vaccine. Hellweg noted that although this data has already triggered a round of price gains, the market has yet to fully price in subsequent potential benefits. Confirmation data is expected to push the stock price higher.

Hellweg pointed out in the research report that Moderna's stock price is currently down more than 70% from its historical high and has consistently underperformed the benchmark index over the past five years, but he believes the situation is changing.

He stated:

MRNA is trading at a discount of over 70% compared to its all-time high, underperforming the benchmark in the past five years, but the tide is turning.

The core basis for this judgment lies in the breakthrough progress of the cancer vaccine business.

Hellweg believes the recent share price increase driven by positive clinical data is only the beginning. If future confirmation data continues to provide positive signals, it will offer more sustained momentum for stock appreciation—this is the core logic behind the current rating upgrade to "Buy."

Although the number of rating upgrades has increased, Wall Street remains generally cautious about Moderna. According to Bloomberg compiled data, among the analysts covering Moderna, five give a "Buy" rating, sixteen a "Hold," and two a "Sell," with "Hold" ratings still making up the majority.

This distribution indicates that most analysts prefer to stay on the sidelines until the commercial potential of the cancer vaccine is fully validated.

The Argus upgrade is the fifth consecutive institutional rating upgrade recently, showing that market expectations are improving at the margin. However, whether a broader reevaluation of ratings will occur still depends on further clinical and regulatory progress.