Jim Cramer says this former Covid market darling is finally investable again

Moderna's expanding pipeline beyond infectious diseases is giving investors a new reason to own the stock after years of uncertainty following the Covid-19 pandemic, CNBC's Jim Cramer said Wednesday.

"For the first time in a long time, the company seems like it has something to get excited about," the "Mad Money" host said, before advising investors to be patient.

"I recommend waiting for a pullback before you buy. Take your time. I think Moderna's got a bright future though, but it'll take years to get there," he said.

Moderna has surged nearly 150% this year, making it one of the best-performing stocks in the S&P 500 and one of the few top gainers not tied to the artificial intelligence infrastructure boom. Even so, the drugmaker's shares remain well below their pandemic-era record close of $484 in August 2021, as revenue from its Covid vaccine surged. But for the past several years, investors have been waiting for the company's next major growth driver.

That's starting to appear, according to Cramer. "Moderna's got a plethora of thoughtful, new products and clear roadmap to profitability for the first time in such a long time," he said.

At Moderna's Science Day last Thursday, Cramer said the company presented a detailed roadmap for the next decade that highlighted its growing cancer pipeline alongside newer vaccine programs beyond its Covid franchise.

"It's no wonder Moderna's stock has caught fire," he said, as the stock has rallied roughly 20% since then.

Moderna's oncology efforts really stood out to Cramer. The company currently has cancer therapies in mid and late-stage trials targeting melanoma, non-small cell lung cancer, renal cell carcinoma, and bladder cancer. He said he was particularly excited about the results expected later this year from a late-stage study examining a combination of Moderna's Intismeran and Merck's Keytruda as a secondary treatment for melanoma.

Cramer said the renewed emphasis on cancer marks an important shift for a company that has spent much of the past several years trying to replace the revenue lost as demand for Covid vaccines faded.

The company has also made progress elsewhere in its pipeline. A Food and Drug Administration advisory committee recently recommended approval of Moderna's experimental flu vaccine ahead of an Aug. 5 regulatory decision, while the European Commission approved the company's combination Covid and flu vaccine earlier this year.