Shares of Moderna, Inc. (MRNA) surged 5.16% during intraday trading on Monday, as a wave of bullish analyst actions lifted the biotechnology stock. The rally came after UBS raised its price target on the company to $50 from $45 while maintaining a neutral rating, and BofA Global Research also increased its price objective to $40 from $38.

The positive sentiment was further reinforced by Moderna's recent second-quarter earnings report, which beat revenue estimates and showed a smaller-than-expected loss per share, driven by lower research and development spending. The company is also approaching a key U.S. regulatory decision for its flu vaccine, which has kept investor attention focused on the stock.

Analyst coverage overall has been mixed, with a consensus hold rating and a mean price target of $53.79 according to FactSet, but the back-to-back price target increases from major firms signaled growing confidence in Moderna's near-term outlook.