On Friday, Moderna shares rose 14%, reaching their highest level since September 2024 and topping the S&P 500. The jump was driven by a surprise announcement at Moderna’s investor day, not by a general shift from tech to biopharma. Here’s what the company shared and why this pipeline update is making analysts rethink Moderna’s future after COVID.
The main highlight was Moderna’s first in vivo CAR-T program. The company plans to start clinical trials of mRNA-6007 in 2027, focusing first on B-cell-driven autoimmune diseases like systemic lupus erythematosus. In vivo CAR-T therapy changes a patient’s T-cells inside the body to fight disease, which is more efficient and less expensive than the traditional ex vivo method that involves removing, modifying, and reinfusing cells in a lab.
Other big drug companies are also moving into this area. Earlier this year, Eli Lilly bought Orna Therapeutics to get its in vivo CAR-T technology. Lilly’s stock rose 6% on Friday, helped by a positive opinion from European regulators for its oral cancer drug, Jaypirca.
At the investor day, Moderna shared a pipeline split into three stages of development. Jefferies predicts the company could launch more than seven products over the next two years, covering respiratory, cancer, and rare diseases, a big jump from its current three vaccines. Early-stage highlights include the in vivo CAR-T candidate and T-cell engagers for multiple myeloma and ovarian cancer. Jefferies maintains a Hold rating on Moderna and raises its price target to $53 from $45, citing Phase 3 melanoma results expected in late 2026 as a key short-term driver.
Piper Sandler is more optimistic, raising its price target to $77 from $69 and keeping an Overweight rating. The firm points to the wide range and progress of Moderna’s pipeline shown at the event.
