MRNA On Track To Be September's No. 2 S&P 500 Stock — But These 5 Smaller Health Care Names Did Even Better

Five smaller stocks with market caps above $100 million beat MRNA’s monthly gain: INDP rose 249%, CYPH 124%, MNOV 85%, GRAL 58% and SRZN 53%.

• INDP’s rally followed a $24 million share sale, with proceeds potentially supporting early research into a sleep-related device.
• Former biotech CYPH gained as its Zcash mining operation added 3,023 ZEC to its treasury.
• MNOV completed patient visits in the blinded portion of its ALS trial, while a favorable FDA advisory panel vote lifted attention on GRAL’s Galleri test.

Moderna, Inc. (MRNA) is on track to become September’s second-best performer in the S&P 500, but five smaller stocks have delivered even larger gains this month, driven by developments ranging from an impending ALS trial readout to a cancer-test regulatory review, and, in one case, a Zcash strategy.

Moderna (MRNA) is up about 39% so far this month. Among stocks with market caps above $100 million, Indaptus Therapeutics (INDP) has surged about 249%, followed by Cypherpunk Technologies (CYPH) at 124%, MediciNova (MNOV) at 85%, GRAIL (GRAL) at 58% and Surrozen (SRZN) at 53%. 

Moderna’s Phase 3 Win Faces Its Next Test 

The foundation for Moderna’s rally was laid in August, when the company and partner Merck announced that their Phase 3 trial of personalized cancer vaccine Intismeran autogene plus Keytruda met its primary endpoint in patients whose melanoma had been surgically removed. The companies also reported success on a key secondary endpoint, but have not yet presented the detailed trial results.

This week, Moderna gave investors a date for that closer examination: the Phase 3 findings will be presented at a Presidential Symposium on Oct.24 during the European Society for Medical Oncology congress. 

At a recent Bernstein healthcare conference, CEO Stéphane Bancel said, “Moderna has been, since day one, an mRNA platform company,” calling intismeran “only our first oncology product.” Moderna and Merck have nine studies ongoing, he said, but they still must test the potential for the treatment to work in other cancers. Chief development officer David Berman said he was “very confident that we have a strong case for approval” in melanoma. 

Stocktwits sentiment for MRNA was ‘extremely bullish’ a month ago, slipped to ‘bearish’ a week ago and recovered to ‘bullish’ on Thursday before returning to ‘extremely bullish’ in the latest reading. Over the month, message volume rose 336% and the ticker’s watcher base grew 5%. 

INDP Surges On $24M Financing 

Indaptus Therapeutics has delivered the largest September gain of the group as investors assess a possible new direction for the company. Last month, Indaptus said it had stopped enrolling patients in its Decoy20 cancer study and had no active clinical development programs. However, earlier this month the company announced a financing deal and disclosed plans to explore a neurotechnology device for certain sleep-related conditions, with a potential future FDA submission in view. 

The firm also agreed to sell 20.3 million shares at $1.18 each in a private placement expected to raise about $24 million. The price was about 1% above the deal’s Nasdaq pricing benchmark, though about 3% below INDP’s close before the agreement. 

Stocktwits sentiment for INDP shifted from ‘bullish’ a month ago to ‘bearish’ a week ago and remained ‘bearish’ in the latest reading. The ticker’s watcher base edged up 0.3% over the month. 

CYPH Rallies As Zcash Mining Adds To Treasury 

Cypherpunk Technologies, previously known as Leap Therapeutics, changed its name and ticker last year to reflect a Zcash-based strategy. Its remaining cancer-drug operations sit within a Leap Therapeutics unit. 

Cypherpunk announced this week the launch of a 4.2 GSol/s Zcash mining fleet and said the operation had generated 3,023.13 ZEC in its first weeks, with the coins added to its treasury. The company had previously reported holdings of 323,394.38 ZEC as of Aug. 11. 

Stocktwits sentiment for CYPH remained ‘extremely bullish’ throughout the past month, though its score eased from (91/100) to (79/100). Over the same period, message volume surged 5,200%, and the ticker’s watcher base grew 4%. 

MNOV Gains Ahead Of Year-End ALS Results 

MediciNova has climbed as investors look ahead to results from its Phase 2b/3 Combat-ALS trial of MN-166, or ibudilast. On Thursday, the company said the final patient had completed the last visit in the trial’s blinded portion. The study randomized 234 participants, and MediciNova expects to report topline findings by year-end. Its primary endpoint combines measures of function and survival. CEO Yuichi Iwaki said the company’s focus had shifted to “database lock and rigorous analysis of the study data.” 

Stocktwits sentiment for MNOV rose from ‘bullish’ a month ago to ‘extremely bullish’ a week ago, but has since fallen back through ‘bullish’ to ‘bearish’ in the latest reading. The ticker’s watcher base grew 0.6% over the month. 

GRAIL’s Galleri Wins A Favorable Panel Vote 

GRAIL’s September catalyst was a recent FDA advisory committee meeting on Galleri, its blood test intended to detect signals associated with multiple cancers in adults aged 50 and older. The panel voted 10-0 in support of the test’s safety, 6-4 on effectiveness, and 7-2, with one abstention, that its benefits outweighed its risks. Galleri is intended to be used alongside existing recommended cancer screenings, not as a replacement. 

The favorable votes advanced GRAIL’s case, but the FDA has yet to decide whether to approve the test and is not bound by the panel’s recommendation.

Stocktwits sentiment for GRAIL shifted from ‘bullish’ a month ago to ‘bearish’ a week ago, then surged to ‘extremely bullish’ in the latest reading. The ticker’s watcher base grew 1% over the month. 

SRZN’s Eye-Drug Filing Sets Up Clinical Trial 

Surrozen submitted an investigational new drug application earlier this month for SZN-8141, an experimental antibody for diabetic macular edema. The treatment will combine activation of the Wnt pathway with inhibition of VEGF, a target already used in retinal-disease treatments. The company aims to begin an early-stage study by year-end, subject to regulatory clearance, and expects initial data in the second half of 2027. 

Stocktwits sentiment for SRZN moved from ‘neutral’ a month ago to ‘bullish’ a week ago, dipped to ‘bearish’ on Thursday, then rebounded to ‘extremely bullish’ in the latest reading. Over the month, message volume rose 50%, and the ticker’s watcher base edged up 0.1%. 

Year to date, MRNA has surged about 561%, followed by CYPH at 252%, MNOV at 102%, SRZN at 49%, GRAL at 46% and INDP at 37%. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.<