Biotech stocks moved higher across U.S. and Hong Kong markets on Aug. 26, according to market data cited by BlockBeats.
Data from BIT (bit.com) showed that Moderna (MRNA) closed up 14.36% in U.S. trading, with turnover reaching $7.636 billion. Merck (MRK) closed up 3.84%.
Moderna and Merck recently announced that intismeran autogene, their first personalized mRNA cancer therapy under joint development, succeeded in a global Phase III clinical trial targeting high-risk melanoma.
Major banks lifted Moderna price targets
Following the clinical trial update, several large financial institutions raised their price targets for Moderna.
- Bank of America raised its target from $40 to $170 and upgraded the stock to Neutral.
- Piper Sandler raised its target from $77 to $167 and maintained an Overweight rating.
- Goldman Sachs raised its target from $67 to $120 and kept a Neutral rating.
- JPMorgan raised its target from $40 to $77.
- Barclays raised its target from $48 to $125.
Hong Kong-listed biotech names also gained
According to Bitget market data, Hong Kong biotech shares also rose after the market opened. CanSino Biologics jumped 17%, Innovent Biologics gained more than 10%, Everest Medicines rose more than 7%, Akeso climbed more than 6%, and RemeGen added more than 4%.
CanSino Biologics said its subsidiary, CanSino Shanghai, had formally signed a Strategic Cooperation Framework Agreement on the Joint Development of Personalized Therapeutic mRNA Tumor Vaccines with DeepVessel Biopharma. The two sides will jointly advance the research, development, and commercialization of personalized therapeutic mRNA tumor vaccines.