TD Cowen raises target for Moderna stock from USD 40.00 to USD 90.00

Published on 10/23/2026 at 11:16 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Moderna stock costs EUR 175.60 on October 23, 2026, 5.50 percent below Xetra close. Results are due November 6, 2026, after USD 145.00 million in Q2.

Analyst target and reporting date

TD Cowen lifted its Moderna target to USD 90.00 from USD 40.00 on October 21, 2026.
Moderna reported USD 145.00 million in second-quarter revenue on July 31, 2026.
Moderna stock trades at EUR 175.60 at 11:09 a.m. CEST at Lang & Schwarz on October 23, 2026, 5.50 percent below the Xetra close of October 22, 2026.
Moderna is scheduled to report third-quarter results on November 6, 2026.

Aquarellmalerei der Cambridge-Skyline mit modernen Forschungsgebäuden am Charles River — Moderna Inc. (US60770K1034) präsentiert eine stimmungsvolle Aquarell-Ansicht der Cambridge-Skyline mit modernen Biotech-Forschungsgebäuden am Flussufer, Illustration mit AI erstellt.

Moderna Inc. (ISIN US60770K1079) was trading at EUR 175.60 at Lang & Schwarz on October 23, 2026 at 11:09 a.m. CEST, 5.50 percent below the Xetra close of October 22, 2026 at EUR 185.82. On October 21, 2026, TD Cowen raised its price target for Moderna from USD 40.00 to USD 90.00 while maintaining a Hold rating, according to Investing.com.

Three events shape the valuation

On July 31, 2026, Moderna reported USD 145.00 million in second-quarter revenue and a GAAP net loss of USD 782.00 million. The company release also reiterated revenue growth of up to 10.00 percent for 2026, according to Moderna.

On August 28, 2026, Moderna announced pricing for an upsized USD 2.6 billion convertible senior-notes offering. On October 21, 2026, TD Cowen set its new USD 90.00 target after previously assigning USD 40.00, the latest valuation event in this chronology.

What does the USD 90 target imply?

TD Cowen's revised target reflects a higher estimate for peak intismeran profit of USD 3.4 billion in 2035, up from USD 830.00 million, while the firm kept its Hold rating. The analysis links the change to potential opportunities in adjuvant melanoma and non-small-cell lung cancer, according to Investing.com.

Moderna's second-quarter revenue increased 2.00 percent year over year, while its net loss improved by 5.00 percent from the prior-year quarter to USD 782.00 million. Management also projected year-end 2026 cash and investments of USD 4.7 billion to USD 5.2 billion, as reported in the company's earnings call transcript by Yahoo Finance.

Next dates for Moderna

Moderna scheduled an investor event for October 24, 2026, and third-quarter results for November 6, 2026, according to its press-release calendar. The earnings release is the next dated financial event, while an Analyst Day is planned for November 12, 2026, according to the earnings call transcript.

Euro quote and next catalyst

The current euro quote places Moderna below the latest Xetra close, while the USD 90.00 target remains far below the primary-market reference levels cited in the analyst note. The next material company date is the November 6, 2026 results release.

Moderna stock was trading at EUR 175.60 at Lang & Schwarz on October 23, 2026 at 11:09 a.m. CEST, 5.50 percent below the Xetra close of October 22, 2026 at EUR 185.82. The further course of trading is shown by the continuously updated real-time quote of Moderna stock.