Moderna, Inc. shares surged 5.53% during intraday trading on Tuesday, driven by a confluence of positive catalysts including multiple analyst price target upgrades and heightened anticipation ahead of a critical FDA decision.

The rally was fueled by UBS raising its price target on Moderna from $45 to $50, and Bank of America Global Research increasing its target from $38 to $40, both signaling improving institutional sentiment. Additionally, investors are positioning ahead of the August 5 PDUFA review date for the company's fifth product, Mflusiva, with expectations for approval bolstered by the FDA advisory committee's unanimous 9-0 vote in favor of the seasonal flu vaccine candidate mRNA-1010.

The stock also benefited from Moderna's recent second-quarter results, which showed a narrower-than-expected loss per share of $1.97 and revenue of $145 million, handily beating consensus estimates.