Moderna shares jumped nearly 7% ahead of its inclusion in the Nasdaq 100.

On Oct. 6 (local time), blockchain media outlet Decrypt reported that Moderna stock closed at $203.21, up 6.95% from the previous session on Oct. 5.

The shares rose as high as $205.77 during the session, coming within 2.72% of a 52-week high of $208.90. The gain also far outpaced the S&P 500's 0.66% rise on the day. Moderna is set to join the Nasdaq 100 before the market opens on Oct. 9.

The Nasdaq 100 is made up of 100 of the largest non-financial companies listed on the Nasdaq. Nasdaq said more than 200 investment products track the index, with assets under management exceeding $800 billion. Moderna's inclusion could also raise expectations for inflows of related passive funds.

Warner Bros Discovery will be removed in this index change. It is an adjustment tied to Paramount Skydance's acquisition entering its final stage. The two companies said they expect the deal to be completed on Oct. 6, subject to customary closing conditions.

Moderna had been seen as one of this year's standout gainers even before the Nasdaq 100 inclusion announcement. Its shares have risen more than sixfold so far in 2026, and its market capitalisation stood at about $75 billion at the time the index change was announced.

Tokenised shares also rose. CoinMarketCap said Moderna tokenised BStocks (MRNAB) traded at $203.54, up 7.74% over 24 hours. MRNAB is a separate tokenised product that trades 24 hours a day, making it difficult to compare directly with Moderna's regular Nasdaq trading.

Changes in Moderna's management also began that day. Moderna Chief Operating Officer Juan Andres (후안 안드레스) returned on Oct. 5 to a newly created chief operating officer role. Andres will report to Moderna Chief Executive Officer Stephane Bancel (스테판 방셀) and will also join the executive committee. Moderna said it is expanding its business and preparing for a potential launch and production scale-up of the cancer treatment Intismeran Autogen.

Moderna Chief Technology and Quality Officer Jerh Collins (제르 콜린스) decided to retire.

On Wall Street, caution over Moderna's stock also emerged. Citi cut its rating on Moderna to sell from neutral on Sept. 30, while raising its target price to $80 from $60. It judged that the stock's rise had driven market expectations for its cancer pipeline excessively high.

CNBC reported that Citi analyst Geoff Meacham (제프 미첨) pointed out Moderna shares had risen 222% since the release of interim results from the INTerpath-001 cancer trial. He analysed that, under Citi's assumptions, Moderna would need about $26 billion in annual cancer treatment sales for its stock to reach around $200. Citi's $80 target price is 60.6% below the Oct. 5 close.