10 Most Promising Cancer Stocks According to Hedge Funds

6. Moderna Inc. (NASDAQ:MRNA)

Average Analyst Upside: 95.47%

Number of Hedge Fund Holders: 34

Moderna, Inc. (NASDAQ:MRNA) is a leading biotech company focused on developing messenger RNA (mRNA) therapeutics and vaccines. Its diverse portfolio includes treatments for systemic conditions, cancer vaccines, immuno-oncology therapies, and other specialized therapeutics.

In September, Moderna, Inc. (NASDAQ:MRNA) announced encouraging phase-one trial results for its new cancer vaccine, mRNA-4359. Built on the same mRNA technology as its COVID-19 vaccine, the cancer vaccine is designed to help the immune system distinguish healthy cells from cancerous ones. Among 19 patients with advanced solid tumors in the trial, eight saw no tumor progression, and no new tumors appeared. According to the biotech company, the vaccine was well tolerated, with no serious side effects reported.

Moderna, Inc. (NASDAQ:MRNA) also reported strong financial results for Q3 2024, largely driven by its COVID-19 vaccine, Spikevax, which exceeded revenue expectations by 50%. Overall, the company reported $1.9 billion in revenue and a net income of $13 million. Moderna projects its annual product sales to remain between $3 billion and $3.5 billion.

Baron Health Care Fund made the following comment about Moderna, Inc. (NASDAQ:MRNA) in its Q1 2023 investor letter:

“Moderna, Inc. (NASDAQ:MRNA) is a leader in the emerging field of mRNA-based vaccines and therapeutics and was one of the three main producers of the COVID vaccine. Shares fell during the quarter. We believe as COVID shifts away from pandemic status and becomes an increasingly commercial market (rather than government funded), there is increasing investor uncertainty around what a booster market could look like, which is pressuring shares. Looking beyond COVID, we think Moderna has the potential to disrupt the biopharmaceutical industry, from infectious disease vaccines to oncology, and we remain shareholders.”