Moderna Inc shares rose 9.3% in morning trading on Monday, as the biotech company extended gains following positive Phase 3 results for its personalized cancer vaccine.

The Cambridge-based company's stock has rallied over the past month after Moderna and Merck & Co disclosed data from the INTerpath-001 study. The trial showed that combining Moderna's personalized cancer vaccine, intismeran autogene, with Merck's Keytruda delivered better outcomes than Keytruda alone in high-risk melanoma patients. The results marked the first Phase 3 success for a personalized neoantigen vaccine and an mRNA-based cancer treatment.

Argus upgraded Moderna to Buy with a $180 price target following the Phase 3 data and the FDA's approval of Moderna's updated 2026-2027 COVID-19 vaccines. Bank of America also upgraded the stock and raised its price target.

Moderna raised $2.6 billion in late August through a convertible note offering to fund its oncology programs.

Rothschild & Co. Redburn downgraded the stock to Sell in early September, citing overvaluation concerns. Evercore ISI maintained a Hold rating on the shares.