Moderna sheds about $24 billion as cancer vaccine data triggers 'sell-the-news' retreat
MRNA•Moderna shares fell more than 25% Thursday, wiping about $24 billion from its market value, after detailed trial results showed its personalized melanoma vaccine with Merck reduced recurrence or death risk by 42%.
1. Shares retreat
Moderna shares fell 25.2% to $183.88, set for their steepest one-day percentage drop on record. The selloff wiped about $24 billion from the drugmaker's market value and halted a rally that had lifted the stock more than 500% this year.
2. Trial results
Detailed late-stage trial results showed intismeran, Moderna's personalized melanoma vaccine, combined with Merck's Keytruda reduced the risk of cancer recurrence or death by 42% and distant metastasis or death by 38% compared with Keytruda alone. The trial enrolled more than 1,100 high-risk melanoma patients.
3. Investor reaction
Analysts described the decline as a “sell-the-news” reaction after the stock's rally. Overall survival data are not yet mature but show a “favorable trend,” the companies said, adding that they are engaging with regulatory authorities. The results are scheduled to be presented Saturday at the European Society for Medical Oncology meeting in Madrid.
