Moderna Shares Sink 18% After Leaked Melanoma Vaccine Trial Data

what happened

Shares of Moderna (MRNA) dropped roughly 18% on Thursday after data from its melanoma vaccine trial leaked ahead of full presentation over the weekend. According to Stocktwits, the results fell short of elevated Wall Street expectations. The vaccine, intismeran autogene, is being tested together with Merck's Keytruda.

Merck and Moderna said the combination cut the risk of recurrence or death by 42% compared with Keytruda alone. An earlier, smaller trial had shown a 49% reduction, though the patient groups differed. Full results are reportedly due Saturday at a cancer conference in Madrid. According to RTTNews, Moderna closed at $202.63, wiping out more than $17 billion of market value.

TD Cowen called the data compelling but below lofty expectations and kept its Hold rating. Bernstein described the selloff as a sell-the-news event.

why it matters

A sharp single-stock move around a trial readout shows how the market punishes results that miss lofty expectations in biotech. The impact is smaller for Merck, whose shares partly recovered after an initial drop.

market impact

Moderna and Merck: disappointing data pressures shares, with part of Merck's losses already recovered

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