Wolfe Research Just Upgraded Moderna Stock. Here's Why.

Moderna (MRNA) shares extended gains on Aug. 25 after Wolfe Research upgraded the biotech giant, citing recent positive developments surrounding its personalized cancer vaccine. 

Analyst Alexandria Hammond now rates MRNA at “Peer Perform,” albeit without a particular price target that explains how high the stock could fly in the second half of 2026. 

The upgrade is still significant, however, given Moderna stock is already trading at roughly 5x its price at the start of this year. 

Why Wolfe Research Upgraded Moderna Stock

Hammond’s upgrade reflects a significant shift in the risk profile surrounding Moderna’s oncology pipeline. 

In collaboration with Merck (MRK), the biotech company recently reported positive Phase 3 results for intismeran, which is designed to work alongside Keytruda in patients with high-risk melanoma. 

The trial met its primary and secondary endpoints, showing that the combination reduced the risk of melanoma recurrence or spread compared with Keytruda alone.

While detailed clinical data have yet to be fully disclosed, the successful late-stage trial data give Moderna and Merck a substantially clearer path toward regulatory submissions. 

For MRNA shares, that matters because the firm’s post-COVID growth strategy depends heavily on successfully expanding its mRNA technology into areas beyond infectious diseases. 

Is It Too Late to Invest in MRNA Shares?

Wolfe Research’s upgrade suggests the melanoma study has meaningfully reduced the clinical and regulatory uncertainty that had surrounded Moderna’s post-COVID strategy.

The firm estimates $9.2 billion in unadjusted peak sales for intismeran across four key indications, before profits are split with Merck.

That represents a potentially substantial new sales stream that may unlock further upside in MRNA stock over the long term. 

Barchart currently has a “100% BUY” average opinion on Moderna as well, indicating technical momentum also currently favors continued upside ahead. 

What’s the Consensus Rating on Moderna?

On the flip side, however, there is reason to believe that Moderna shares’ recent rally on the back of promising late-stage trial data has gone a bit too far. 

In fact, Wall Street analysts more broadly rate MRNA at “Hold” currently, with the mean price target of about $83 indicating potential for a significant crash from here.