Moderna Inc (NASDAQ: MRNA) popped as much as 10% on Tuesday after a Jefferies analyst made upbeat remarks on new data for its experimental vaccine for head and neck cancer.

The biotech giant reported positive early-stage results for its MRNA-4157 in combination with Keytruda (Merck) as a treatment of head and neck cancer this week.

Analysts at Jefferies called the update “interesting” in their research note today as it indicates potential for MRNA-4157 beyond melanoma.

Note that the combination of the $MRNA vaccine known also as V940 and Keytruda is currently in late-stage development for melanoma and non-small cell lung cancer.

Moderna stock is currently up close to 30% versus its year-to-date low in February.

Jefferies analysts took a positive tone on Moderna Inc today as the latest data on MRNA-4157 broadens the scope of that vaccine. Their research note reads:

“MRNA is rapidly starting pivotal studies with 3 ongoing now + could potentially start one in HNSCC given today’s data suggests a ~25mos OS tail vs Keytruda alone of ~8-9mos”.

Moderna shares are up on Tuesday also because Pfizer Inc recently announced plans of seeking broader approval for its RSV vaccine in the U.S. after it was shown to be effective not just in older patients but in young adults as well.

That’s a constructive development for $MRNA as it has a Respiratory Syncytial Virus vaccine of its own. Jefferies currently sees upside in the biotech stock to $125 – up another 13% from here.

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