Moderna shares fell as much as 25% on Thursday after partial data on its cancer vaccine leaked. The full results, released later the same day, appeared positive against Wall Street expectations. The stock has still risen sharply this year.
Moderna shares dropped as much as 25% on Thursday after partial data leaked on its closely watched cancer vaccine, developed with Merck. The selloff came even though the complete data looked positive relative to Wall Street expectations.
Full results show a 42% risk reduction
The full data came out later Thursday, following the leak. The personalized vaccine, known as intismeran autogene, reduced the risk of recurrence or death by 42% in certain melanoma patients when paired with Merck's immunotherapy Keytruda, compared with Keytruda alone.
Combined with Keytruda, the shot also cut the risk of cancer spreading to distant parts of the body or death by 38%, compared with the immunotherapy by itself. The detailed phase 3 trial results were set to be presented at the European Society for Medical Oncology conference this weekend.
High expectations lifted the stock this year
Investors see the targeted vaccine as a possible breakthrough treatment that could be used in other forms of cancer in the future. It could also give Moderna a critical additional commercial product, following vaccines for Covid-19, the flu and respiratory syncytial virus.
Those expectations have pushed the stock higher. Moderna shares have spiked more than 530% year-to-date as of Thursday afternoon.
Merck, a much larger drugmaker, fell by about 1% on Thursday. Its stock has climbed nearly 41% this year.
Because the vaccine is personalized, the complicated manufacturing process can take six weeks. Merck CEO Robert Davis told CNBC last week that the company believes it can shorten that timeline in the future.
Source: CNBC
Trading involves risk.