Moderna (MRNA): Joins the Nasdaq-100 after a steep rally
Moderna joined the Nasdaq-100 before the open on Oct 9, replacing Warner Bros. Discovery. Index funds must buy, but inclusion doesn't change sales or pipeline, and Citi cut it to Sell on valuation after the cancer-vaccine rally.
Why it matters The stock has risen several-fold in 2026 on late-stage melanoma data for its individualized cancer vaccine with Merck. Citi's downgrade argues the market value now rivals Regeneron's despite far lower expected revenue and earnings.
What we verified Nasdaq announced on Oct 1 that Moderna replaces Warner Bros. Discovery, which is leaving after its Paramount Skydance deal. Stocktwits and Parameter both report Citi's late-September cut to Sell with an $80 target. Year-to-date gain and market cap figures differ by outlet (roughly 550-600% and $75-82B), so treat them as approximate.
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