Moderna has staged a sharp turnaround in 2026, with shares climbing more than 600% and nearing pandemic-era heights, according to BioPharma Dive’s latest chart roundup. The rally followed August Phase 3 success for intismeran autogene, a melanoma vaccine co-developed with Merck, which analysts described as a “landmark moment” and “major win.” Shares had bottomed out around $22 last year, little more than their 2018 debut price.
BioPharma Dive notes the stock’s rise is the “clearest example” of investors rewarding meaningful clinical de-risking, per Raymond James analysts. The next catalyst is an eagerly anticipated presentation of full intismeran results at a medical meeting later this month, which RBC Capital Markets analyst Trung Huynh called “likely the biggest event” for Moderna and Merck for the rest of 2026.
Separately, the charts show Roche has become the most active Western pharma in China-based licensing since late August, forming five alliances with Chinese drug developers collectively worth more than $5 billion. The deals span a range of medicines, including obesity therapies and “molecular glue” drugs. GSK and AstraZeneca have each done five China deals over the past 20-plus months, but Roche’s concentrated burst places it ahead among large pharma partners.