Moderna shares gain on momentum and short squeeze

Moderna Inc shares rose 9.5% in morning trading Thursday as the stock extended a multi-week rally tied to the company's shift from COVID-19 vaccines to personalized cancer treatment.

The session's gains occurred without any new company announcement. The increase appears driven by momentum buying and a short-squeeze dynamic as the stock rebounds from a pullback that had taken it below its 52-week high of $176.66.

The broader rally follows results from the Phase 3 INTerpath-001 trial, in which Moderna's individualized mRNA cancer vaccine, intismeran, combined with Merck's Keytruda, extended recurrence-free survival in more than 1,100 patients with high-risk melanoma compared to Keytruda alone. The trial marked the first positive Phase 3 result for a personalized mRNA cancer vaccine.

Argus previously upgraded the stock to Buy with a $180 price target following FDA approval of Moderna's updated 2026-2027 COVID-19 vaccines. Analyst views remain mixed, with Evercore ISI maintaining a Hold rating and Rothschild & Co Redburn carrying a Sell rating.

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