COVID-era juggernaut Moderna spikes 160% after successful late-stage trial for melanoma drug

Adam Glanzman/Bloomberg via Getty Images

• Moderna stock surged as much as 160% on Wednesday on news of a successful late-stage cancer-drug trial.
• The drugmaker is developing a personalized mRNA vaccine with Merck that targets melanoma.
• Moderna has been looking for its next blockbuster drug after a wildly successful COVID era.

After making its name as a vaccine-maker during the COVID era, Moderna has been looking for its second act as a major drug developer. Investors seem to think it's landed on something.

Moderna stock surged as much as 160% to $163.47 on Wednesday after reporting successful results in a late-stage trial for a melanoma drug, in partnership with Merck.

"These Phase 3 findings represent a pivotal moment for the field of cancer research," Stéphane Bancel, CEO of Moderna, said in a press release on Wednesday. "For many years, the idea of creating an mRNA treatment designed specifically for an individual patient's cancer was aspirational. We are now helping turn that vision into a reality."

The vaccine's effectiveness is in reducing the recurrence of melanoma and is given alongside Keytruda, an immunotherapy drug from Merck.

The jump in Moderna's stock price comes after a difficult five-year stretch following COVID-era heights. Even after the triple-figure surge on Wednesday, shares are still down roughly two-thirds from a peak of $484 reached in August 2021.

Still, Wednesday's gain brings the company's year-to-date gain to 445%. Things are moving in the right direction for the vaccine giant.

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Contributer : Business Insider https://ift.tt/Uz7rFpl

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