Moderna shares plunge after leak of partial cancer vaccine data

Moderna's (MRNA) stock dropped 17% to $203.20 on Thursday after leaked clinical data from its cancer vaccine program sparked a selloff, with trading volume at 44.2 million shares.

Moderna's shares fell 25.2% to $183.88, losing $24B in market value, after late-stage trial data for its melanoma vaccine showed a 42% reduction in cancer recurrence or death. Analysts attributed the drop to a 'sell-the-news' reaction. Merck, its partner, saw a 1% decline. Both companies plan to discuss results further at an oncology meeting.

Moderna's stock fell 14.31% to $205.67, erasing $12 billion in market value. The sell-off followed a 696% year-to-date rally. Analysts had raised price targets, but institutions took profits. Retail investors also exited positions, accelerating the decline. Earnings on November 6 and clinical trial results are key catalysts.

Moderna's shares dropped on Thursday after partial data on its cancer vaccine with Merck was leaked. Despite the full data release showing positive results, the stock fell. Wall Street had anticipated the results.

Moderna's stock fell 25% on Thursday despite positive leaked data showing its cancer vaccine, developed with Merck, reduced melanoma recurrence risk by over 40% when combined with Keytruda. The vaccine also reduced cancer spread risk by 38%. Moderna's stock has risen over 500% this year on vaccine expectations. The trial focused on personalized treatment for melanoma, with experts calling it a landmark in cancer research.

Moderna and Merck's cancer vaccine, intismeran autogene, combined with Keytruda, met its main goal in a late-stage trial, reducing the risk of disease recurrence or death by 42% compared to Keytruda alone. Despite this, shares of both companies fell, with Moderna down nearly 25% and Merck around 1%. Analysts defended the results, calling them compelling and practice-changing.