Moderna will join the Nasdaq-100 Index before market open on Friday, October 9, 2026, replacing Warner Bros. Discovery after its $81 billion acquisition by Paramount Skydance is slated to close on October 6. Moderna shares rose 2.2% to $193.15 in Friday premarket trading after Nasdaq confirmed the addition. The stock has climbed approximately 553% this year, lifting its market capitalization to about $75.4 billion, with much of the gain following interim Phase 3 data for intismeran autogene, a personalized melanoma therapy being co-developed with Merck. Inclusion in the index is expected to generate buying from passive funds tracking more than $800 billion in benchmarked assets. Valuation concerns remain: Citi’s Geoff Meacham downgraded Moderna from Neutral to Sell while raising his price target from $60 to $80, saying the company would need about $13 billion in annual oncology revenue to justify a $200 share price. Twenty analysts have issued ratings in the past three months, producing a Hold consensus and an average price target of $110.44, about 42% below the current level. Moderna has also appointed Juan Andres to a newly established Chief Operating Officer position, and investors will watch for new data at the ESMO conference on October 24.