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Regeneron (REGN) stock rose 12% after Q3 2026 earnings beat estimates, with revenue up 36% YoY to $5.1B and EPS up 70% to $20.07. Growth driven by Dupixent (Sanofi collaboration) and Eylea HD. Guidance raised, $2.3B in stock buybacks. Moderna (MRNA) down 2%, Merck (MRK) up 1%, Pfizer (PFE) up 0.7%.

Merck and Moderna presented phase 3 trial results for INTerpath-001, a personalized mRNA cancer vaccine, showing a 42% lower risk of recurrence or death in melanoma patients compared to Keytruda alone. The study involved 1,137 patients and reported 2-year recurrence-free survival rates of 82.2% for the vaccine group versus 70.0% for the Keytruda-only group. Adverse events were similar between groups. Overall survival data is not yet mature, and the results were sponsor-reported.

Moderna's stock surged 283.77% in 3 months, driven by positive phase 3 trial results for its personalized mRNA cancer vaccine with Merck and inclusion in the Nasdaq 100. However, shares dropped 17% after detailed trial results fell short of high expectations. Citigroup downgraded Moderna to Sell, citing overvaluation.

Moderna (MRNA) stock rose 3.8% to $222.31 after Phase 3 trial data for its melanoma vaccine was published, showing a 42% reduction in recurrence risk. Piper Sandler raised its price target to $230, while institutional buying increased. The rally occurred despite a broader market decline, with peers BioNTech and Novavax also gaining. Investors await Moderna's Q3 2026 earnings report on November 6.

The 2026 ESMO Congress in Madrid featured key data presentations, including MSD and Moderna's cancer vaccine meeting its primary endpoint in a Phase III melanoma study. The data was leaked early due to an embargo breach. The conference highlighted the rise of targeted therapies in early treatment and China's growing role in innovative medicines, with five of 12 late-breaking abstracts originating from China.

Moderna (MRNA) and Merck (MRK) reported positive trial results for their melanoma vaccine, showing a 42% reduction in recurrence risk. Despite praise from doctors, both stocks fell, with MRNA down 17.4% and MRK down 1.8%. Investors had anticipated higher figures after an August announcement.