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Moderna (MRNA) shares rallied on June 26 after the company detailed its future beyond COVID-19 at its highly anticipated Science Day event. Shares are continuing their upward trend today.
As investors cheered the positive updates, MRNA’s relative strength index (RSI) climbed into the early 70s, indicating the stock may now be ripe for profit-taking.
However, Piper Sandler continues to see further upside in Moderna stock that’s already up roughly 135% versus the start of this year.
What Drove Moderna Stock Higher
Investors loaded up on MRNA shares as the company highlighted major clinical progress across several diseases.
A particularly exciting update was the debut of its first cancer prevention program, mRNA-4194, targeting patients with Lynch syndrome to prevent hereditary cancers.
Moreover, markets cheered the disclosure that mRNA-1195, a novel candidate for treating multiple sclerosis, is on track for early clinical data later in 2026.
Adding fuel to Moderna’s rally on Friday, an FDA advisory panel voted 9-0 in favor of approving its next-gen influenza vaccine, mRNA-1010, for adults aged 50 and older.
This unanimous endorsement strongly positions the treatment for potential approval when the FDA issues its final regulatory decision in early August.
Jefferies Sees Further Upside in MRNA Shares
The Science Day presentation made Jefferies analysts reiterate their “Overweight” rating on Moderna shares and raise the price target to $77, which signals potential upside of another 15% from here.
By utilizing its core mRNA platform to target non-respiratory markets, the firm has successfully shifted the investor narrative toward becoming a highly diversified multi-modality biotech giant, they told clients.
From a technical perspective, MRNA currently sits handily above its key moving averages (MAs), indicating intense buying pressure across multiple timeframes.
Unlike its larger pharma peers, however, Moderna doesn’t currently pay a dividend and is, therefore, not a suitable pick for income-focused investors.
What’s the Consensus Rating on Moderna?
Investors should note that other Wall Street firms do not share Jefferies’ stance on MRNA stock.
The consensus rating on Moderna sits at “Hold," with the mean price target of about $47 indicating potential downside of nearly 30% from current levels.
