New York, May 28, 2026, 10:05 (EDT)
Moderna shares slipped at the open on the Nasdaq Thursday. Investors watched as a U.S. Food and Drug Administration advisory committee met to discuss what might be next for COVID-19 vaccines.
The stock dropped around 2.6% to $46.39, trailing both the iShares Nasdaq Biotechnology ETF, which was steady, and the SPDR S&P Biotech ETF, off about 0.6%. Pfizer was close to flat. BioNTech slid roughly 1.3%.
The timing is key. FDA vaccine advisers met in public session to talk over and vote on the 2026-2027 COVID-19 shot formula for the U.S., which guides what makers will produce for fall.
Regulators are considering making XFG the next vaccine target, since CDC data showed it accounts for most recent U.S. cases. Pfizer-BioNTech and Novavax, whose shot is licensed to Sanofi, are Moderna’s main competitors. The vaccine makers have said they can make an XFG shot for the upcoming season.
Moderna stays tied to its vaccine story for many investors, despite its push to diversify. The company posted Q1 revenue at $389 million, mostly from outside the U.S. Moderna had a net loss of $1.3 billion after a litigation settlement charge. CEO Stéphane Bancel said this month the company expects to “return to sales growth in 2026” and is seeking more approvals. ACCESS Newswire
Moderna’s main technology is mRNA, which uses genetic instructions so the body makes proteins to boost the immune system. The company sells the COVID vaccines Spikevax and mNEXSPIKE and has mRESVIA for RSV.
Another regulatory decision is coming up. FDA documents say advisers will meet June 18 to look at MFLUSIVA, Moderna’s mRNA flu shot for people 50 and up.
The cancer angle is back. Moderna and Merck said last week their experimental personalized vaccine intismeran autogene, given with Merck’s Keytruda, reduced the risk of melanoma spreading by 59% after five years in a mid-stage study. They plan to share the full results at the American Society of Clinical Oncology meeting in Chicago next week.
Merck’s oncology development chief Dr. Marjorie Green said ASCO results would show “strong momentum in our oncology pipeline,” highlighting long-term numbers for intismeran. That’s notable for Moderna, since the program is among its key efforts outside respiratory vaccines. Merck
Wall Street’s stance is mixed. According to StockAnalysis data, Alec Stranahan at Bank of America is sticking with Sell and a $32 target as of May 22. William Blair’s Myles Minter hasn’t budged from Hold. Piper Sandler’s Edward Tenthoff is more positive, repeating his Buy call and $69 target on May 8. Price targets reflect broker estimates, not guarantees.
Vaccine sales face risks, with regulators noting thin data on circulating COVID strains as surveillance drops off. Even if strain guidance is favorable, it may not boost demand or drive wide use. Moderna says it can have the required COVID formula by mid-August. The market continues to weigh unclear U.S. policy, soft demand for COVID shots, and an upcoming flu review.
Moderna shares are moving more on timing than single data points right now. Investors are watching for the FDA’s COVID vaccine update, ASCO cancer trial results, and a flu vaccine panel over the next few weeks. These events will test if Moderna’s post-pandemic plan is taking shape or if the case still isn’t made.
