Piper Sandler Lifts Moderna Target to $69, Citing $2.07B 2026 Sales
Moderna shares rose after Piper Sandler raised its price target 10% to $69, forecasting $2.07 billion in 2026 sales for its mNEXSPIKE COVID vaccine. The company holds $8.14 billion cash, faces declining legacy COVID revenues and awaits four late-stage catalysts including an Aug. 5 FDA PDUFA date for its seasonal flu vaccine.
1. Piper Sandler Price Target Increase
Piper Sandler boosted Moderna’s price target from $63 to $69 and maintained an Overweight rating, highlighting strong upside potential. The firm projects product sales of $2.07 billion in 2026 driven by the next-generation COVID vaccine mNEXSPIKE, setting a bullish tone for the stock.
2. Pipeline Catalysts and Upcoming FDA Reviews
Moderna has four major events ahead: the FDA’s Aug. 5 PDUFA decision on its mRNA-1010 seasonal flu vaccine, European and Canadian reviews of its combination flu/COVID shot mRNA-1083, and interim Phase III data for its norovirus candidate mRNA-1403. These milestones could trigger meaningful stock moves.
3. Financial Position and Legacy Revenue Trends
The company ended 2025 with $8.14 billion in cash and minimal debt, providing ample runway for its pipeline. However, maturing COVID-19 vaccine sales have waned, pressuring top-line growth until new products secure approvals and market uptake.