Moderna stock was pacing toward its highest close in nearly two years on Friday. But the rally signaled more than an investor rotation away from tech and into defensive biopharma.

Rather, the surge came on the heels of company's investor day, where perhaps the most surprising announcement was Moderna's first in vivo CAR-T program.

Shares surged 15% to $68.85, heading for their highest close since September 2024, according to Dow Jones Market Data. The gains made Moderna the session's best performer in the S&P 500. The benchmark index traded up 0.3%.

The company said it plans to launch clinical development of mRNA-6007, an in vivo CAR-T candidate, in 2027. Its initial focus will be on B-cell-mediated autoimmune diseases like systemic lupus erythematosus -- a chronic condition where the immune system attacks healthy tissues and organs.

In vivo CAR-T therapy genetically engineers a patient's T-cells to fight disease directly inside the body. This approach is significantly more efficient and cost-effective than ex vivo therapy, which requires harvesting a patient's cells, modifying them in a lab, and re-infusing them.

Major drugmakers, including Eli Lilly, have shown growing interest in the technology. Lilly agreed to acquire Orna Therapeutics earlier this year, securing the biotech's lead in vivo CAR-T platform. Lilly gained 6% on Friday, boosted by a positive opinion from European regulators regarding its oral cancer therapy, Jaypirca.

Moderna is mapping out its own future. The company outlined a pipeline split into three distinct "horizons" on Thursday. The first horizon focuses on its most mature assets, including late-stage candidates and existing commercial products.

Jefferies analyst Andrew Tsai predicts the company could market more than seven products across respiratory, oncology, and rare diseases within the next two years. This marks a massive leap from its current three-vaccine portfolio -- and a stark contrast to 2020, when the company launched its very first commercial product, the Spikevax COVID-19 vaccine.

Tsai holds a constructive view on the early-stage oncology programs and modalities showcased at the event, noting they "can meaningfully diversify the mRNA pipeline." Key assets include the in vivo CAR-T candidate and T-cell engagers targeting multiple myeloma and ovarian cancer.

However, he believes upcoming Phase III melanoma data in the second half of 2026 will be an even larger near-term catalyst, calling it "a major event" for the stock.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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(END) Dow Jones Newswires

June 26, 2026 11:36 ET (15:36 GMT)

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