NEW YORK, July 2, 2026, 18:06 (EDT)
- Moderna, Inc. NASDAQ:MRNA last changed hands at $79.76 in after-hours, up $7.36, or 10.2%. That’s about $2.9 billion added in market cap on the day.
- Nasdaq will be closed on Friday, July 3, 2026, for Independence Day observed. U.S. stocks will have their last trading session before the holiday on Thursday.
- Shares have climbed 24.7% since June 18, when FDA advisers supported mFlusiva. Citi, though, says significant sales probably won’t materialize until later in 2027.
Moderna, Inc. NASDAQ:MRNA last traded at $79.76 as of 5:50 p.m. EDT, picking up $7.36 on the day. At that price, the vaccine company’s market cap landed at $31.5 billion with about 395 million shares in play. Moderna added close to $2.9 billion in equity value for the session.
As of the dateline, the Nasdaq had closed for regular trading, but after-hours action was underway. The exchange says normal hours are 9:30 a.m. to 4 p.m. ET, and after-hours runs from 4 p.m. to 8 p.m. ET. Nasdaq’s 2026 schedule marks July 3 as closed for the Independence Day holiday.
It’s about the size of the move. Moderna has tacked on around $6.2 billion in market cap since June 18, after Reuters reported the stock finished at $63.96 when FDA advisers supported its mRNA flu shot. The jump tops Moderna’s expected 2025 revenue by more than three times.
| Comparison | Figure | Investor read |
|---|---|---|
| One-day market cap jump | ~$2.9 bln | That’s nearly 1.5x 2025 revenue |
| Market value change since June 18 close | ~$6.2 bln | Equals about 8.3x Jefferies’ 2030 U.S. flu/flu-COVID sales estimate |
| 2025 revenue | $1.944 bln | Less than paper gains from Thursday |
| 2025 net loss | $2.822 bln | Pretty much matches Thursday’s paper gain |
| Q1 cash plus equivalents and investments | $7.5 bln | That’s about 39% of the day’s gain |
Calculations are based on the current Moderna quote, its market cap, Reuters’ closing price from June 18, analyst estimates, company financial data from Reuters, and Moderna’s Q1 report filed with the SEC in May.
This matters since shares are already pricing in value for products that probably won’t bring in sales soon. Citi’s Geoff Meacham said mFlusiva likely won’t start delivering real revenue until the back half of 2027, after Moderna missed the 2026 U.S. flu shot contracting cycle. Jefferies’ Andrew Tsai estimates $750 million in U.S. sales from Moderna’s flu vaccine and its COVID-flu combo by 2030.
The FDA agenda for June 18 listed a discussion on MFLUSIVA, a Moderna TX Inc. shot for flu prevention in people 50 and up. Its advisers gave unanimous backing, 9-0, Reuters said. FDA advisory panels offer non-binding votes. The agency is due to make its decision by Aug. 5.
Moderna CEO Stéphane Bancel keeps telling investors to look at the biotech as a platform play. “We are building a platform capable of repeatedly creating new medicines,” he said in a blog post after the June 25 Science Day. In Moderna’s May earnings release, Bancel said the company expects “several additional approvals around the world,” and pointed to seasonal flu as what could be its fifth cleared product. Moderna
Moderna moved higher in late trading, ahead of other vaccine stocks and the main sector trackers:
| Name | Ticker | Last quote | Day move |
|---|---|---|---|
| Moderna, Inc. | NASDAQ:MRNA | $79.76 | up 10.2% |
| BioNTech SE | NASDAQ:BNTX | $97.55 | up 3.8% |
| Novavax, Inc. | NASDAQ:NVAX | $9.74 | up 3.0% |
| Pfizer Inc. | NYSE:PFE | $24.32 | up 1.8% |
| GSK plc | NYSE:GSK | $53.66 | up 4.6% |
| iShares Nasdaq Biotechnology ETF | NASDAQ:IBB | $195.70 | up 2.9% |
| State Street SPDR S&P Biotech ETF | NYSEARCA:XBI | $160.46 | up 2.5% |
| SPDR S&P 500 ETF Trust | NYSEARCA:SPY | $744.78 | down 0.1% |
| Invesco QQQ Trust Series 1 | NASDAQ:QQQ | $712.60 | down 1.7% |
Quotes in the table are last trades from 5:20 p.m. to 5:51 p.m. EDT.
The spread versus biotech ETFs shows this is a Moderna rerating, not a sector-wide move. Moderna jumped over 10%. IBB gained around 3%, XBI was up 2.5%, but QQQ dropped 1.7%.
Moderna traded above a new bull target after Piper Sandler bumped its target to $77 from $69 last week, keeping the Overweight call. The last quote was up 3.6% on that.
Moderna’s balance sheet remains the main risk factor. The company posted first-quarter revenue of $389 million and a net loss on a GAAP basis of $1.34 billion. At March 31, cash, cash equivalents and investments totaled $7.5 billion. Moderna is guiding for 2026 year-end cash and investments of $4.5 billion to $5.0 billion, not including any more credit-facility draws.
Moderna said it sees R&D costs at around $3.0 billion in 2026 and SG&A expenses at about $1.0 billion.
