Moderna shares double as cancer vaccine data rekindles investor hopes
MRNA•Moderna shares surge on cancer vaccine data
Moderna MRNA.O shares more than doubled on Wednesday, adding about $30 billion to its market value, after promising late-stage data on its personalized mRNA cancer therapy developed with Merck MRK.N sent investors piling into the stock.
The therapy is central to Moderna's efforts to prove that its mRNA technology can succeed beyond its COVID-19 vaccine franchise and infectious disease shots, as it seeks to build a more durable revenue base. The company recently added a flu vaccine to its portfolio and is advancing experimental vaccines for conditions including norovirus and Lyme disease.
Analysts had noted the cancer vaccine data could be an important catalyst for the company and potentially strengthen investor sentiment.
"A successful trial gives investors stronger evidence that mRNA technology can have a meaningful future beyond infectious diseases," said Lale Akoner, global market strategist for eToro.
