Moderna Inc (MRNA  ) is back in focus as it is making advancements in cancer treatment.

Moderna is likely to become a "five-product commercial company" by 2026, according to Oppenheimer.

The Moderna Analyst: Hartaj Singh upgraded the rating for Moderna to Outperform, while raising the price target to $142.

The Moderna Thesis: Although COVID-19 vaccine sales had declined over the past two years, there has been a "marked uptick" in coronavirus hospitalizations, Singh said in the upgrade note.

"We expect OPEX to decrease significantly in 2024 and 2025, before picking up again, as sales pick up in 2025," the analyst wrote.

He added that the company's pipeline could be boosted by a pick-up in Phase III and product approvals in 2024-25, including:

• RSV vaccine (mRNA-1345) - expected approval in 2024
• Influenza vaccine (mRNA-1010) - expected readout and approval in 2024/25
• INT (mRNA-4157) filing - "possibly utilizing the Accelerated Approval pathway - and approval in 2024/25"

MRNA Price Action: Shares of Moderna were up 13.5% to $112.88 at the time of publication Tuesday.