Key Takeaways:
Moderna Inc. shares surged Thursday, pacing toward their highest close since late 2024 and leading the S&P 500 after the biotechnology company unveiled a new cell therapy program targeting autoimmune diseases.
The stock was the top gainer on the benchmark index, with the rally adding billions to Moderna's market capitalization and reversing a months-long slide that had erased more than half the company's value from its 2021 peak.
"Moderna is executing a strategy that balances near-term growth with long-term innovation," Chief Executive Officer Stéphane Bancel said at the company's Science Day on Wednesday, where executives detailed plans to become a "diversified, multi-modality biotechnology company."
The centerpiece of the update was mRNA-6007, an in vivo CAR-T therapy designed to reprogram immune cells inside the body rather than extracting and modifying them in a lab. The program targets systemic lupus erythematosus and other B cell-mediated autoimmune diseases, with first-in-human trials expected by the end of 2027. Moderna also highlighted progress with its T-cell engager platform, including mRNA-2808 for multiple myeloma, now in a Phase 1/2 study, and mRNA-2151 for ovarian cancer, which is advancing toward early development.
The announcement signals Moderna's push beyond its core mRNA vaccine business into therapeutic areas with larger addressable markets. The company already has four approved products — Spikevax, mRESVIA, mNEXSPIKE and mCOMBRIAX — and is building three commercial franchises spanning infectious disease vaccines, intismeran autogene therapy and rare disease therapeutics. Its early-stage pipeline includes cancer antigen therapies targeting Lynch syndrome, non-small cell lung cancer and melanoma, as well as a multiple sclerosis therapeutic in Phase 2.
For Moderna, the cell therapy push represents a potential new revenue stream at a time when its Covid-19 vaccine franchise faces declining demand. The global CAR-T therapy market was valued at roughly $5 billion in 2025 and is projected to grow to more than $15 billion by 2032, according to industry estimates. Moderna's in vivo approach, if successful, could undercut the manufacturing complexity and cost of existing CAR-T treatments, which require weeks of processing and can cost $400,000 or more per patient.
This article is for informational purposes only and does not constitute investment advice.
