Moderna Stock Plummets After 177% Cancer Breakthrough Surge
Moderna's stock plummeted by 20% in early trading on Thursday, following a stunning 177% surge the previous day. The biotech company and its partner Merck announced a breakthrough in cancer treatment, with their personalized mRNA vaccine intismeran successfully reducing melanoma recurrence in patients who had undergone surgery.
The Phase 3 trial compared using intismeran alongside Keytruda to using the immunotherapy drug alone, finding that patients who received the combination lived longer without cancer returning or spreading. Dr. Ezekiel Emanuel described the results as 'a home run,' with 'the potential for a grand slam.'
Analysts from various firms shared their views on the development, with Jefferies' Tycho Peterson pointing to the importance of mRNA modality in oncology and the bioprocessing ecosystem. Bank of America's Alec Stranahan saw the breakthrough as a 'watershed moment' for Moderna, allowing it to diversify away from infectious diseases and ease capital overhangs.