Sunshine Novo plans to raise up to 240 million yuan to boost nucleic acid drug R&D

Moderna's fair value estimate has been lifted from US$119.56 to US$122.67 per share, according to updated modelling tied to analyst revisions on its intismeran cancer vaccine program. The change follows Phase 3 INTerpath-001 melanoma data that prompted target lifts or upgrades from BofA, Goldman Sachs, UBS, Barclays, RBC Capital and Morgan Stanley, with BofA setting a US$200 target and a Neutral rating and calling the readout a watershed moment for Moderna. William Blair moved to Outperform and Wolfe Research called the melanoma result de-risking for the broader intismeran platform, while RBC Capital described the data as a massive scientific breakthrough. On the bearish side, Citi and Rothschild & Co Redburn moved to Sell even as they raised targets to US$80 and US$81 respectively, citing questions on oncology revenue expectations and limited disclosure around efficacy metrics such as hazard ratios. The updated model also shifted the revenue growth assumption from 26.74% to 26.75%, the net profit margin from 17.25% to 17.20%, the future P/E from 80.90x to 83.10x, and the discount rate from 7.50% to 7.46%.

Shares of Moderna and Novavax rose today after The New York Times reported that the US National Institutes of Health, or NIH, plans to launch a public-private partnership to accelerate the development of personalized cancer vaccines. The vaccine project is expected to begin in December, focusing on pancreatic cancer, liver cancer, and colorectal cancer, as well as certain tumors in children. Previous trials have used mRNA technology to train the body's immune system to recognize and attack proteins specific to cancer cells. The positive reaction to the news was most evident for Moderna, which is developing personalized mRNA cancer vaccines together with Merck. Moderna's share price has soared more than 600% since the start of this year, making it the best-performing stock among the companies used to calculate the S&P 500 index.

Asahi Kasei Therapeutics, the global specialty pharmaceutical business of Tokyo-based Asahi Kasei, announced that the first patient has been dosed in a randomized Phase 2a clinical trial evaluating AIC468, a novel antiviral antisense oligonucleotide, in adult kidney transplant recipients with BK virus infection. The trial, registered as NCT07503561, is a randomized, double-blind, placebo-controlled study and forms part of a larger Phase 2/3 program designed to assess safety, tolerability, and pharmacokinetic profile across multiple dose levels, measured by the frequency and severity of treatment-emergent adverse events. Progression into Phase 2a was supported by favorable Phase 1 safety, tolerability, and pharmacokinetic data, and the investigational program was developed by Aicuris Anti-infective Cures AG, which is now part of Asahi Kasei Therapeutics. Carl Kraus, Chief Medical Officer of Asahi Kasei Therapeutics, said BK virus reactivation remains a major complication for kidney transplant recipients that can lead to graft dysfunction and BK nephropathy, and that dosing the first patient represents an important step toward a targeted antiviral therapy for a community with no approved treatment options. BK virus-associated nephropathy affects up to 10% of kidney transplant recipients and can result in graft loss, while current management relies on reducing immunosuppressive therapy, which increases the risk of graft rejection.

Moderna will join the Nasdaq-100 Index on Oct. 9, replacing Warner Bros. Discovery before the opening bell on Friday. The swap follows the completion of Paramount's acquisition of Warner Bros. Discovery, whose shares have ceased trading; the combined entity is now named Skydance and trades on the NYSE under the ticker SKYD. Nasdaq did not cite a specific reason for adding Moderna, but the inclusion follows a sharp rise in the company's market value and growing optimism around its prospects, supported by positive phase III results for its personalized cancer therapy developed with Merck, which met its primary endpoint of recurrence-free survival and a key secondary endpoint of distant metastasis-free survival in certain high-risk melanoma patients. The Nasdaq-100 is tracked by more than 200 investment products with over $800 billion in assets under management globally, so index funds adjusting their portfolios could create incremental institutional demand for Moderna shares. The inclusion does not change Moderna's underlying fundamentals, operations, cash flow or pipeline development, and the stock's longer-term performance will continue to depend on its business and pipeline. Moderna shares have skyrocketed 566% year-to-date, far outpacing the industry's 1% growth, and the stock trades at 30.84 times forward 12-month sales on a price-to-sales basis versus an industry average of 2.06 times.

GSK has entered a collaboration with Wave Life Sciences to advance a GalNAc-siRNA hepatology candidate into its development pipeline, while separately expanding its tuberculosis research with AN2 Therapeutics. The Wave Life Sciences partnership focuses on RNA-based therapies targeting liver diseases using GalNAc-siRNA technology, giving GSK another modality in liver disease and access to Wave's SpiNA design platform without building that RNA chemistry capability internally. The AN2 Therapeutics work is supported by new funding from the Bill & Melinda Gates Foundation for boron-based drug discovery. The Wave hepatology move and the Gates-backed TB research funding sit within GSK's existing narrative of heavier R&D reinvestment and business development, though the high R&D spend and execution uncertainty still apply if these programs move slowly or fail to produce strong late-stage assets. The clearest next marker will be whether GSK or Wave disclose that one of the three remaining collaboration programs reaches formal candidate selection over the next research updates, triggering further milestone payments.

Lepu Medical announced that its controlling subsidiary, Shanghai Minwei Biotechnology, has received a notice from the US FDA agreeing to allow clinical trials for the MWN117 injection. The drug is an siRNA therapy targeting INHBE inhibition, indicated for overweight and obesity, and has already received clinical trial approval from China's CDE. Non-clinical studies show that the drug, used alone or in combination with GLP-1 receptor agonists, effectively reduces body weight and body fat while reducing muscle loss, with efficacy lasting up to 12 weeks. Currently, no similar drug has been approved for marketing domestically or internationally.