Moderna and Merck's Cancer Treatment Makes Breakthrough in Melanoma Study

Moderna's mRNA cancer treatment, developed in partnership with Merck, has yielded promising results in a pivotal late-stage melanoma study. The trial, which included 1,137 patients, found that the combination of Intismeran Autogene and Keytruda significantly improved recurrence-free and distant metastasis-free survival in high-risk melanoma patients following surgery.

The Phase 3 INTerpath-001 trial marks the first positive result for a personalized neoantigen therapy and Moderna's mRNA cancer treatment. The companies are continuing to evaluate overall survival and are testing the treatment across nine additional trials covering several cancers, including lung, bladder, kidney, pancreatic, and gastric cancers.

Moderna's stock (MRNA) jumped nearly 177% at the close on Wednesday after announcing the trial results, while Merck's stock (MRK) rose over 12%. The surge in Moderna's stock has seen it gain more than 465% so far this year, while Merck's stock is up nearly 43%.

Meanwhile, Target Corp. (TGT) shares surged to a 52-week high of $161.98 on Wednesday after posting strong second-quarter results. The retail store chain reported adjusted earnings per share of $2.46 on $26.54 billion in revenue, beating analyst consensus estimates. DA Davidson raised its price target on Target to $185 from $170 and maintained a 'Buy' rating following the earnings report.