Forget COVID: Moderna Is Turning Into a Cancer Company -- and Wall Street Is Taking Notice
Key PointsModerna’s coronavirus vaccine generated blockbuster revenue, but demand declined in the later stages of the pandemic.
Moderna, the biotech company that gained fame during the COVID-19 pandemic for its vaccine, is now making a name for itself in the oncology field, and Wall Street is taking notice. The stock, originally soaring due to its coronavirus vaccine, has seen a shift as the company expands its focus to cancer treatment. Moderna's mRNA technology, which teaches the body to make proteins to defend or treat diseases, is being applied to develop personalized cancer vaccines.
The company's intismeran autogene vaccine, tested alongside Merck's Keytruda for melanoma, has shown promising results in phase 3 trials. This personalized approach, while potentially slower and more costly to produce, could lead to significant revenue opportunities in a market projected to grow from $253 billion to over $700 billion by 2034.
Despite the stock's current performance, with a price of $218 above the average price target of $123, investors should consider Moderna's potential in the long-term growth story of oncology.
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