Moderna ‘checking another mark’ in oncology franchise, says Wolfe Research

Wolfe Research analyst Alexandria Hammond says that at ESMO 2025, Moderna (MRNA) held an investor webcast elaborating on new data from its phase 1/2 study investigating mRNA-4359, as well as its broader cancer pipeline. At a data cutoff of February 28, 2025, the ORR was 24%, and the DCR was 60%. A more meaningful response rate of 67% was observed among the 9 patients with PD-L1+ tumors. The mDOR was still immature at data cut-off. Wolfe would argue that intismeran autogene, or mRNA-4157/V940, Moderna’s individualized neoantigen therapy in partnership with Merck (MRK), remains in greatest focus by both the company and investors within its cancer franchise. Despite the company continuing to make advances in its early development pipeline, the firm believes the company has “significant wood-to-chop” before returning to profitability. Wolfe has an Underperform rating on the shares with a price target of $20.