Moderna shares drop over 25% after melanoma vaccine trial data
Moderna shares slid over 25% after detailed melanoma vaccine trial data, developed with Merck, triggered a 'sell-the-news' reaction, Reuters reported.
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what happened
Moderna shares fell more than 25% on Thursday after detailed late-stage data for its personalized melanoma vaccine, developed with Merck, were released, Reuters reported. The drop erased about $24 billion of market value and ended a rally that had pushed the stock up more than 500% this year.
Analysts described the reaction as a 'sell-the-news' move. UBS's Michael Yee called the recurrence-free survival results solid, while William Blair's Myles Minter called the data great. In the trial of over 1,100 patients, intismeran combined with Keytruda cut the risk of recurrence or death by 42%.
why it matters
The sharp reaction shows how much the shares had risen on expectations and bullish company commentary. Investors may now question whether the treatment works in other cancer types, as William Blair noted, to justify the high valuation.
market impact
Moderna and Merck: valuation reset after expectations pushes MRNA lower, Merck edges down
tags
instruments
sources
- Moderna sheds about $24 billion as cancer vaccine data triggers 'sell-the-news' retreat — Reuters, 22 October 2026 at 19:52 UTC
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