Moderna (MRNA) shares are up 570% and Iovance Biotherapeutics (IOVA) up 433% so far this year, following clinical and commercial progress. The author argues Moderna's $77 billion market cap already prices in its personalized cancer vaccine intismeran autogene despite positive Phase 3 results; assuming $5 billion in profits by 2031 and a 12% required rate of return, the company would need a forward P/E of 27.1 to justify today's valuation. For Iovance, second-quarter revenue rose almost 66% to $99 million on Amtagvi sales and loss per share narrowed to $0.11, but trailing 12-month revenue was $324.9 million against a $6.6 billion market cap. The author highlights manufacturing, administration and clinical-regulatory risks, and is skeptical Iovance can outperform the broader market over the next five years.
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| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.1T |
| Close on 10/28/2026 | 215.39 |
| Change that session | -1.17% |
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