Moderna Shares Rise Tuesday as Wall Street Analysts Upgrade on Tumor Data

Moderna Inc. shares traded higher Tuesday morning as Wall Street analysts upgraded the stock following milestone Phase 3 oncology data.

Wolfe Research upgraded Moderna on Tuesday morning, following a similar move by BofA Securities last week, which raised its price target to $170.

Moderna stock showed an upward bias. What should traders watch for in MRNA?

Phase 3 Melanoma Trial with Partner Merck Hits Primary Endpoint

Underpinning the bullish sentiment was a major clinical milestone announced on August 19 with partner Merck & Co Inc.

The companies confirmed that their Phase 3 INTerpath-001 trial met the primary endpoint of recurrence-free survival and the secondary endpoint of distant metastasis-free survival in patients with resected high-risk melanoma.

The positive data boosted investor confidence in Moderna's late-stage pipeline, solidifying its expansion from infectious disease vaccines into high-value oncology applications.

MRNA Shares Rise Tuesday

MRNA Price Action: Moderna shares rose 2.97% to $143.01 in Tuesday's premarket trading.