The biotech sectors in the US and Hong Kong stock markets witnessed a hype-driven rally, with Moderna closing up over 14% and Hong Kong-listed CanSino Biologics surging more than 17%.
46 minutes ago
According to market data from BIT (bit.com), biotech stocks are seeing hype in the US stock market. US biotech firm Moderna (MRNA) closed up 14.36% with a trading volume of $7.636 billion, while Merck (MRK) closed up 3.84%. Moderna and Merck recently jointly announced that their first personalized mRNA cancer therapy, intismeran autogene, has succeeded in global Phase III clinical trials for high-risk melanoma, marking a milestone breakthrough in the field of tumor immunotherapy. Multiple major banks have raised Moderna's price targets: Bank of America lifted its target from $40 to $170 and upgraded its rating to "Neutral"; Piper Sandler raised its target from $77 to $167, maintaining an "Overweight" rating; Goldman Sachs raised its target from $67 to $120, keeping a "Neutral" rating; JPMorgan raised its target from $40 to $77; Barclays raised its target from $48 to $125. According to Bitget market data, Hong Kong-listed stocks opened higher today: CanSino Biologics surged 17%, Innovent Biologics rose over 10%, Hutchison China MediTech gained over 7%, Kangfang Biologics climbed over 6%, and Rongchang Biologics advanced over 4%. CanSino Biologics announced that its subsidiary CanSino Shanghai has officially signed a strategic cooperation framework agreement on joint development of personalized mRNA therapeutic cancer vaccines with Deppon Biologics, to jointly promote the R&D and commercialization of such vaccines.
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