Moderna shares rally after addition to Nasdaq 100; BofA raises price objective

Merck & Co

09/10/2026 19:40

** Moderna MRNA.O shares up ~12% to $220 on Friday after touching their highest level since Jan 2022 as co joins Nasdaq 100 .NDX; BofA raised its price objective for the stock to $200 from $170
** Stock had closed Thursday's session at $197
** BofA analysts maintain neutral rating, write that PO increase resulted from a combination of slight trim of US COVID revenue expectations offset by an increase in 2027 flu sales, "paired with higher anticipated price and outer year ramp expectations for intismeran," a cancer vaccine developed with Merck MRK.N.
** They note, however, that a large amount of intismeran value is already priced into the stock ahead of ESMO oncology conference and upcoming data readouts
** With 3Q results not out until after a presentation at ESMO on October 24, BoFA says Q3 numbers matter less. But BofA still looking for execution against guidance of up to 10% revenue growth in 2026, year-end cash balance of $4.7 bln to $5.2 bln. Says their 3Q prophylactic vaccine revenue estimate of $812 mln is below consensus, while its total revenue est of $848 mln is also below consensus 
** MRNA shares have strengthened since August 18 after promising late-stage data on intismeran sent investors piling into the stock.
** Moderna was added to the Nasdaq 100 to replace Warner Bros Discovery, due that company's merger with Paramount Skydance 
** Year-to-date Moderna shares up ~650% for its biggest annual advance on record and making it the biggest YTD gainer in the S&P 500 index .SPX. In comparison the S&P 500 healthcare index .SPXHC is up 10.3% so far in 2026

 (Reporting by Sinead Carew)
 ((sinead.carew@thomsonreuters.com))