Goldman Sachs Raises Moderna Price Target to $49 After Q1 Revenue Beat

Price Target Increase: Goldman Sachs raised its price target for Moderna to $49 from $43, while maintaining a Neutral rating on the stock.

Strong Q1 Revenue Beat: Moderna reported $389 million in first-quarter 2026 revenue, well above Wall Street expectations, driven primarily by international COVID-19 vaccine sales.

Cost Control and Cash Position: Despite a large quarterly loss tied partly to litigation-settlement expenses, Moderna reduced operating expenses and ended the quarter with $7.5 billion in cash, cash equivalents, and investments.

Goldman Sachs raised its price target on Moderna (NASDAQ: MRNA) to $49, up from $43, following the company’s first-quarter 2026 results. The firm kept a Neutral rating on the shares. The new target implies about 8% upside from the referenced share price of $45.37.

Moderna is a biotechnology company focused on messenger RNA, or mRNA, technology. It is best known for its COVID-19 vaccine, but the company is also developing vaccines and therapeutics across respiratory disease, oncology, rare diseases, and other areas.

The more constructive outlook follows Moderna’s stronger-than-expected first-quarter results. For Q1 2026, the company reported total revenue of $389 million, up from $108 million in the same period last year. Revenue included $78 million from the U.S. and $311 million from international markets, with growth driven mainly by COVID-19 vaccine deliveries under long-term government partnerships.

However, Moderna still reported a sizable quarterly loss. Net loss was $1.3 billion, compared with a $1.0 billion loss in the prior-year quarter. The result included about $0.9 billion in litigation-settlement-related expenses, which had a significant negative impact on earnings. GAAP loss per share was $3.40.

On the cost side, Moderna showed progress. Research and development expenses fell 24% to $649 million, while selling, general and administrative expenses declined 18% to $173 million. The company ended the quarter with $7.5 billion in cash, cash equivalents, and investments, down from $8.1 billion at the end of 2025.

Goldman Sachs also highlighted Moderna’s oncology pipeline as a key area to watch, including its Merck-partnered individualized neoantigen vaccine, intismeran.