What Happened?
Shares of biotechnology company Moderna (NASDAQ: MRNA) jumped 144% in the afternoon session after its personalized mRNA cancer vaccine, developed with Merck, met key goals in a late-stage trial.
The company noted in a press release that the treatment, Intismeran, reduced the risk of melanoma recurrence and prevented tumors from spreading when combined with Merck's Keytruda, compared with Keytruda alone. In addition, the readout marked the first successful late-stage trial for an mRNA cancer vaccine, validating Moderna's platform beyond COVID-19. JPMorgan analysts told Reuters the vaccine's launch is crucial to Moderna's return to profitability.
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What Is The Market Telling Us
Moderna’s shares are extremely volatile and have had 49 moves greater than 5% over the last year. But moves this big are rare even for Moderna and indicate this news significantly impacted the market’s perception of the business.
Moderna is up 409% since the beginning of the year, and at $157.08 per share, it has set a new 52-week high. Despite the year-to-date gain, investors who bought $1,000 worth of Moderna’s shares 5 years ago would now be looking at only $418.28.
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