[J.P. Morgan: Moderna INT Trial Meets Primary Endpoint, but Adjuvant Melanoma Success Already Priced In] Deep Tide TechFlow reports, according to Tide Research, J.P. Morgan's August 19 research note stated that Moderna's individualized neoantigen therapy (INT), developed in collaboration with Merck, achieved the primary endpoint of recurrence-free survival in its Phase III trial for adjuvant melanoma. The key secondary endpoint of distant metastasis-free survival was also met. J.P. Morgan had previously assigned an 85% probability of success to this trial, considering the results to be in line with expectations and already priced into the stock before the announcement. Moderna's pre-market stock price rose, but J.P. Morgan maintained an Underweight rating and a $40 price target, implying a 36% downside from the current $63 price. J.P. Morgan believes the contribution of the adjuvant melanoma indication to valuation is only about 3%, and data from INT in non-melanoma indications will be the key variable affecting valuation. The current valuation model already includes approximately $15 per share for the potential value of other indications. J.P. Morgan's price target is based on a DCF model, using a 10.5% weighted average cost of capital and a 0% terminal growth rate.