Moderna shares climbed nearly 13% on Tuesday as investors weighed new analyst support following encouraging results from the company's late-stage cancer program.

The move came after Wolfe Research upgraded its view on the biotechnology company. BofA Securities also recently lifted its price target to $170, adding to the positive analyst momentum around the stock.

The focus is on Moderna's partnership with Merck and their Phase 3 INTerpath-001 study. The trial tested intismeran autogene, an individualized mRNA-based vaccine, together with Keytruda in patients with surgically treated high-risk melanoma.

Results released Aug. 19 showed the study achieved its main measure of recurrence-free survival. It also met a secondary goal involving the time before melanoma spread to other parts of the body.

The data could help reinforce Moderna's efforts to build a broader pipeline beyond its established vaccine business. Investors will likely look for additional clinical progress as the oncology program advances.

Positive cancer data and rising analyst support could provide another catalyst for Moderna shares, although further clinical developments remain important.