Moderna shares plunge after leak of partial cancer vaccine data despite positive results

Moderna's shares dropped 18% after early-leaked Phase 3 data for its melanoma vaccine showed a 42% reduction in recurrence or death risk, below prior trial results. The stock had surged eightfold this year, trading at 52x forward sales. Full data is expected at ESMO Congress on Saturday. Moderna and Merck developed the vaccine.

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.

Merck and Moderna reported that their combined mRNA cancer vaccine and immunotherapy reduced melanoma death or recurrence risk by 42% in a Phase 3 trial. Moderna shares fell 17% despite prior gains, while Merck shares dropped 1.8%. The vaccine, tested with Keytruda, showed significant efficacy, with 82.2% of patients cancer-free after two years. The companies plan to seek US approval and launch in 2027.

Moderna (MRNA) stock fell 18.3% to $201.80 after partial Phase 3 data for its cancer vaccine with Merck leaked, showing positive results but causing a sell-off. The trial showed a 42% reduction in recurrence or death risk. Moderna's shares are volatile, up 551% YTD but down 18.2% from its 52-week high.

Moderna's shares fell sharply due to leaked melanoma vaccine data, according to Bloomberg. Elon Musk reportedly invested $1 billion in Skydance, per Semaphore. Spotify's shares rose 9% after exceeding analyst estimates for paid user growth, adding 6 million premium subscribers in the quarter.

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.