Moderna's Cancer Vaccine Boost Sends Stock Soaring

Moderna's stock has seen an 8% increase following positive late-stage results for its personalised mRNA cancer vaccine, developed in partnership with Merck.

The treatment, intismeran autogene, demonstrated a significant reduction in the risk of melanoma recurrence or death compared to Keytruda alone in patients with high-risk melanoma.

This news has led to a reassessment of Moderna's prospects as it looks to expand beyond its COVID-19 vaccine business.

Several Wall Street firms have upgraded their expectations for Moderna following the cancer vaccine results, including Argus Research which set a price target of $180 on August 28.