Moderna Stock Soars as Cancer Vaccine Trial Yields Promising Results

Moderna's stock surged 12.5% today as the biotech firm released positive Phase 3 trial data for its personalized mRNA cancer vaccine, developed in partnership with Merck.

The treatment, called Intismeran, was tested alongside Merck's Keytruda in high-risk skin cancer patients and met its main goals by cutting the risk of cancer returning or spreading to other organs compared to using Keytruda alone.

The successful trial results sparked a surge in buying across biotech, lifting trading volume in Moderna's stock well past 15 times its normal daily level. Short covering further accelerated the rally, helping Moderna add roughly $30 billion to its overall market value in recent trading.