Moderna Stock Plummets After Rapid Surge
Moderna's stock fell 20% in morning trading after investors took profits following a 175% surge the previous day. The rapid increase was triggered by positive news from a late-stage trial of its personalized mRNA cancer vaccine, developed with Merck.
The vaccine, Intismeran, showed promising results when combined with Keytruda, reducing the risk of melanoma recurrence and preventing tumors from spreading. This marked the first successful late-stage trial for an mRNA cancer vaccine, validating Moderna's platform beyond COVID-19.
JPMorgan analysts told Reuters that the vaccine's launch is crucial to Moderna's return to profitability. However, some investors may be wary of the stock's volatility, as it has had 50 price moves greater than 5% over the last year.