For most of the past three years, Jim Cramer kept his distance from Moderna, treating the biotech stock with skepticism bordering on avoidance.
The Cambridge, Massachusetts, company had become synonymous with the pandemic trade, and Cramer’s enthusiasm faded as demand for Covid-era vaccines dried up.
That changed on his “Mad Money” show on July 1, when Cramer declared Moderna finally investable again. He cited a pipeline overhaul that stretches into cancer treatment, rare diseases, and a groundbreaking new flu shot. Shares have surged roughly 150% in 2026, making Moderna one of the best-performing names in the S&P 500, CNBC reported.
The stock still trades well below its pandemic-era closing high of $484.47, reached in August 2021, according to Macrotrends.
What Moderna’s Science Day revealed about its pipeline
Cramer’s reversal traces directly back to Moderna’s June 25 Science Day, where the company unveiled a decade-long roadmap organized around three commercial franchises: vaccines, oncology, and rare diseases.
The event highlighted nine Phase 2 and Phase 3 clinical trials for intismeran autogene, Moderna’s personalized cancer vaccine developed with Merck, targeting melanoma, non-small cell lung cancer, bladder cancer, and renal cell carcinoma, according to Moderna’s first-quarter 2026 earnings release.
Cramer highlighted Moderna’s expanding product pipeline and its most viable route to profitability in years.
Moderna’s got a plethora of thoughtful, new products and a clear roadmap to profitability for the first time in such a long time.
Five-year data from the Phase 2b KEYNOTE-942 study showed that intismeran, combined with Merck’s Keytruda, reduced the risk of cancer recurrence or death by 49% compared with Keytruda alone.
That finding reinforced Cramer’s argument that Moderna’s mRNA platform has evolved well beyond its infectious-disease origins. Moderna and Merck jointly disclosed the five-year data in a June 1 press release tied to the 2026 ASCO Annual Meeting.
FDA’s unanimous flu vaccine vote strengthens the bull case
The near-term catalyst behind Cramer’s enthusiasm is a unanimous 9-0 vote from an FDA advisory committee backing Moderna’s mRNA-based seasonal flu vaccine, mFLUSIVA, for adults aged 50 and older.
The vote triggered an intraday rally of about 4%, and the FDA has assigned an August 5, 2026 Prescription Drug User Fee Act decision date for final review, according to the FDA’s VRBPAC meeting announcement.
If the agency grants approval, mFLUSIVA would become the first mRNA-based seasonal flu product to receive a license in the United States.
Moderna has already secured a related win in Europe, where the European Commission authorized mCOMBRIAX, the world’s first combination flu and Covid vaccine, in April, covering all 27 EU member states, according to Access Newswire.
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Moderna’s financial picture still carries risk
The optimism comes with caveats that Cramer himself acknowledged, and Wall Street analysts have reinforced through their cautious price targets.
Moderna posted first-quarter 2026 revenue of $389 million alongside a net loss of $1.3 billion, of which $878 million was attributable to a one-time Arbutus litigation settlement charge recognized in cost of sales, the company disclosed in its first-quarter earnings release.
The company ended the quarter with $7.5 billion in cash and investments, providing a meaningful runway toward its publicly stated goal of reaching cash breakeven by 2028.
Jefferies raised its price target on Moderna to $53 from $45 while keeping a hold rating following the flu vaccine panel vote and Science Day disclosures. The firm warned that meaningful seasonal flu revenue is unlikely to materialize for Moderna until 2027.
Cramer’s advice on when to buy Moderna stock
Despite his newfound enthusiasm, Cramer urged viewers not to chase the rally and to exercise patience instead.
He recommended waiting for a pullback before establishing a position because most of Moderna’s promising programs are years away from meaningful revenue, according to CNBC.
The stock’s 150% climb in 2026 also suggests that much of the near-term good news may already be reflected in the current share price, CNBC reported.
The flu vaccine advisory vote and the Science Day pipeline announcements together drove a 40% surge in Moderna shares in June alone, according to StockstoTrade.
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For investors who watched the stock rise to nearly $500 during the pandemic and then collapse to below $30 by 2025, the recovery has reshaped Wall Street’s view of the mRNA platform.
Cramer told viewers that waiting for a pullback, rather than chasing the current rally, would offer a better entry point, given how much of the near-term news is already reflected in the price.
Moderna’s current product lineup vs. its pandemic-era offering
The Moderna of 2021 was a one-product company riding unprecedented global demand for its COVID vaccine, with virtually no visibility into what would follow the pandemic.
Moderna’s first-quarter 2026 Form 10-Q shows the company has four approved products: Spikevax and next-generation mNEXSPIKE against COVID; mRESVIA against respiratory syncytial virus; and mCOMBRIAX, its flu-COVID combination vaccine authorized in Europe in April.
Potential approvals for seasonal flu, a flu-COVID combination, and norovirus could expand its commercial franchise to six products by 2028.
That breadth of pipeline activity, combined with manufacturing investments across the United States, the United Kingdom, Canada, and Australia, ultimately shifted Cramer from skeptic to cautious bull.
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