Moderna Stock Surges 145% Today, How High Can MRNA Go?

Biotech company Moderna (MRNA) has issued a promising update Wednesday, revealing that its cancer vaccine shows signs of preventing melanoma from spreading. The news sparked a significant rally for MRNA stock by as much as 145%, far exceeding other stocks on the market.

According to Moderna, a personalized mRNA cancer vaccine reduced the ​risk of recurrence and spread of melanoma in a late-stage trial, a major success in a new field of cancer treatment that sent the drugmaker’s ‌shares surging as much as 160%. Moderna developed the vaccine with Merck and tested it together with immunotherapy drug Keytruda, a widely used treatment for melanoma. Thousands of patients who have undergone surgery to remove high-risk melanoma tumors could benefit as soon as next year if regulators approve the vaccine, Moderna President Stephen Hoge said in an interview.

“Today’s results represent a landmark moment for adjuvant melanoma treatment. This is the first Phase 3 study to show that intismeran, a treatment designed based on the unique mutational ‘fingerprint’ of a patient’s own tumor, given in combination with pembrolizumab can reduce the risk of recurrence or death in patients with completely resected stage IIB-IV melanoma compared to KEYTRUDA alone,” said Professor Georgina Long, the study’s principal investigator and medical director of Melanoma Institute Australia, Chair of Melanoma Medical Oncology and Translational Research at the University of Sydney. “Intismeran in combination with pembrolizumab has the potential to establish a new treatment paradigm in the adjuvant melanoma setting, helping patients remain cancer-free for longer.”

The trial results attracted new investor interest in the biotech sector broadly. The Nasdaq Biotechnology Index (.NBI) climbed 4.4% to a record high, beating out the S&P 500 index and Nasdaq index. Furthermore, the results also signaled a reversal of fortune for Moderna, which has struggled to generate new products beyond its COVID-19 vaccine and faced pushback over its mRNA ​technology from President Donald Trump’s administration. Moderna shares surged to multiyear highs, adding nearly $40 billion to the company’s market capitalization. Merck climbed 11% on hopes the vaccine will expand its prospects in cancer research.