Moderna's shares surged, nearly tripling, following successful trial results for its experimental skin cancer therapy. The stock rose as much as $91.52, or 145%, to $154.48, touching an intraday high of $163, and added approximately $30 billion to its market value. The treatment, jointly developed with Merck, is a personalized mRNA cancer vaccine, intismeran, which was tested in combination with Merck's immunotherapy drug Keytruda.
This combination significantly reduced the risk of recurrence and spread of melanoma in a late-stage trial involving over 1,100 patients with high-risk or advanced melanoma whose tumors had been surgically removed. Merck's shares also saw a significant increase, rising $14.35, or 10.6%, to $149.52. This positive outcome is considered a major breakthrough in cancer treatment, with Moderna President Stephen Hoge stating that thousands of patients could benefit as early as next year if regulators approve the vaccine.
Analysts had previously highlighted the importance of this trial for Moderna, with Leerink Partners analysts now projecting about $1.4 billion in sales potential for the therapy by 2032, an increase from their earlier estimate of up to $1.2 billion. The success of the trial provides stronger evidence for the broader applicability of mRNA technology beyond infectious diseases, boosting investor confidence. The results have been described as a "landmark moment" for medicine and for patients, and the study will continue to assess additional outcomes, including overall survival.
