Moderna and Merck Soar on Melanoma Vaccine Breakthrough

Pharmaceutical giants Moderna and Merck saw significant gains in their stock prices after releasing preliminary results from a clinical trial of a vaccine against melanoma.

The study, which combined an RNA-based therapy with Merck's existing Keytruda drug, showed a reduction in the recurrence of melanoma and a delay in the appearance of metastases.

Moderna shares surged 75% to $110 per share, while Merck's rose 8% to $145 per share.

The firms expect to present complete data at an upcoming international medical meeting and submit it for regulatory evaluation.