Moderna Inc MRNA

The bottom line

Moderna trades near $221.72 at roughly $88.5 billion market cap, while last quarter brought $145 million revenue and a $782 million loss. The stock is currently driven by the Merck oncology trial data rather than current results: a price-to-sales ratio of 39.7 versus a 5.5 sector median assumes oncology becomes a meaningful revenue engine. Meanwhile the company burns cash (negative $563 million free cash flow last quarter), holds $5.1 billion cash with about 9.8 quarters of runway, and the average analyst target sits at $138.37. The central tension: strong clinical data against complex one-patient-at-a-time manufacturing, ongoing losses and a rich price.

An explanation of the mechanics from the facts on this page, not advice.

What the company does

Moderna Inc is a large-cap company in the Healthcare sector (Biotechnology), with a market value of $88.5B, based in the USA.

It employs about 4,700 people and has been listed since Dec 07, 2018.

Moderna, Inc., a biotechnology company, provides messenger RNA medicines in the United States, Europe, and internationally. The company's respiratory vaccines include spikevax, mNEXSPIKE, mRESVIA, COVID, RSV, seasonal influenza, combination, and pandemic influenza vaccine; latent vaccines comprise cytomegalovirus, epstein-barr virus, and human immunodeficiency virus vaccines; enteric viruses include norovirus; public health vaccines consist of Zika, Nipah, and Mpox vaccines; and bacterial diseases vaccines, such as lyme vaccines. It also provides oncology therapeutics, such as intismeran autogene, cancer antigen therapy, t-cell engager, and cell therapy enhancer; and rare disease products, including propionic and methylmalonic acidemia, and cystic fibrosis.

Cheap or expensive? relatively expensive

The company is loss-making, so it has no P/E — we compare on price-to-sales instead.

Its price-to-sales (P/S) is 39.7 versus 5.5 for the median of the Healthcare sector in our universe (25 companies) — relatively expensive.

Revenue is growing 2% versus the same quarter last year.

The average analyst price target is 138.37, 38% below the current price (their view, not ours).

The stock sits at 86% of its one-year range (0% = the low, 100% = the high).

The risks

• • The company is loss-making, and its cash covers about 10 quarters at the current burn rate.
• • More cash leaves than comes in (negative free cash flow).
• • The stock is more volatile than average (beta 1.1) — big daily moves both ways.
• • Quarterly report in 5 days (2026-11-06) — a day the stock can move a lot.

Strengths

• ✅ More cash than debt.

What the market is talking about this week

Positive cancer trial data meets a valuation downgrade, days before the quarterly report.

• Moderna and Merck reported Phase 3 data for their personalized cancer shot: 42% lower risk of recurrence or death in melanoma, added to Keytruda. [2]
• William Blair downgraded the stock to Market Perform on valuation, noting it is up 545% year-to-date and nearly 250% since August's trial news. [1]
• Q3 results are due November 6; analyst consensus is a $1.37 per-share loss and about $889 million revenue, down 12.5% year over year. [3]
• The therapy is manufactured one patient at a time, creating a complex and costly scale-up challenge, according to the investor review. [2]
• Partner Merck beat Q3 estimates and raised its 2026 profit outlook; Keytruda sales rose 6%. [5] [6]

A summary of the articles below only, each point with its source. Not a forecast, not a recommendation.

What to watch

• The Q3 report on November 6 and the consensus for a $1.37 per-share loss on about $889 million revenue. (2026-11-06) [3]
• What management says on the call about regulatory timelines and manufacturing readiness for the personalized therapy. (2026-11-06) [2]
• Whether more analysts change ratings or targets after William Blair's valuation-driven downgrade. [1]
• The cash burn rate in the next report against $5.1 billion cash and about 9.8 quarters of runway. (2026-11-06)

What changed this week

Over the past week the stock rose 10.8% (for comparison: S&P 500 -0.6%, sector ETF XLV +3.1%).

This week's news

• Notable analyst calls this week: Broadcom, Moderna and Abbott among top picks seekingalpha.com · 2026-10-31
  A weekly analyst-calls roundup: William Blair downgraded Moderna to Market Perform on valuation after a 545% year-to-date rise. source ↗
• How Investors Are Reacting To Moderna Stock Phase 3 Melanoma Vaccine Data finance.yahoo.com · 2026-10-31
  A review of investor reaction to the Phase 3 melanoma data: 42% reduction in recurrence or death, 38% in distant metastasis, alongside personalized manufacturing challenges. source ↗
• Earnings Preview: Moderna (MRNA) Q3 Earnings Expected to Decline finance.yahoo.com · 2026-10-30
  An earnings preview: consensus expects a $1.37 per-share loss and $888.8 million revenue for Q3, to be reported November 6. source ↗
• GSK vs. Moderna: Which Large-Cap Biotech Stock Offers More Growth? finance.yahoo.com · 2026-10-29
  A GSK versus Moderna comparison: GSK leans on specialty medicines and vaccines growing 14%, while Moderna expands into oncology with Merck. source ↗
• MRK Q3 Earnings & Sales Beat Estimates, '26 EPS View Raised, Stock Up finance.yahoo.com · 2026-10-29
  Merck reported adjusted EPS of $2.49 and revenue of $18.09 billion in Q3, beating estimates, and raised its 2026 outlook. source ↗
• Merck Surges 5% On Sales Beat, Outplaying Cancer Vaccine Woes finance.yahoo.com · 2026-10-29
  Merck shares rose 5% after a sales beat and a raised full-year outlook, despite questions around the cancer vaccine. source ↗

What changed since last week

This is the first summary for this stock; from next week this section shows what changed.