Moderna's stock jumped by 95% in early trading on Wednesday after the company shared positive results from a late-stage trial of its melanoma vaccine. This vaccine, developed with Merck, showed strong success in reducing cancer recurrence among patients. Shares of Moderna hit a high of $103.60, while Merck's stock increased by 6.5% in premarket trading.
Trial Results
The trial included 1,137 high-risk patients with stage IIB-IV melanoma who had surgery. Participants received either the personalized mRNA vaccine with Merck's immunotherapy Keytruda or Keytruda alone. The treatment achieved its main goal of reducing cancer recurrence and its secondary goal of preventing cancer spread. The companies reported no new safety issues during the trial.
Analysts had noted that the success of this cancer vaccine could be a major boost for Moderna. Barclays analysts estimated that the therapy could bring in about $3 billion in revenue for melanoma treatment by 2035. The companies plan to present their findings at an upcoming medical meeting and share results with regulators.
Market Context
Melanoma is the deadliest type of skin cancer, with over 1.5 million people in the U.S. currently living with the disease, according to the National Cancer Institute. Each year, about 112,000 new cases are diagnosed, and around 8,510 people are expected to die from melanoma, as reported by the American Cancer Society. This successful trial is a significant milestone as it is the first final-stage study for any mRNA-based cancer therapy.
The rise in Moderna's stock is likely to affect sentiment in the biotech sector, especially for companies working on cancer therapies. Investors may also keep a close eye on Merck's performance as the collaboration moves forward. Look for more updates from the companies on regulatory submissions and future study results.
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Based on reporting by: cnn.com, forbes.com