Moderna's market cap is near $90 billion, about 3.6 times BioNTech's under $25 billion, after the two traded at similar levels for nearly the first eight months of 2026. Moderna's shares have risen more than 660% year to date on Phase 3 results for its personalized mRNA cancer vaccine intismeran autogene combined with Merck's Keytruda in melanoma, while BioNTech halted a Phase 2 colorectal cancer study in August because its vaccine proved ineffective, and co-founders Uğur Şahin and Özlem Türeci plan to leave by the end of 2026. Moderna trades above 32 times sales versus BioNTech's roughly 8 times, and analysts are far more bullish on BioNTech: 11 of 15 recommend buying, compared with only 3 of 20 for Moderna, whose average price target sits 52.5% below its share price. The author agrees BioNTech is the smarter pick at current valuations, citing its cash position of roughly $18.6 billion at the end of Q2.
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