Moderna's shares climbed nearly 100% in pre-market trading on Wednesday following positive interim results from a late-stage trial of its mRNA vaccine combined with Merck's immunotherapy Keytruda for skin cancer. The treatment, named Intismeran, met its primary goal of reducing melanoma recurrence and its secondary objective of preventing cancer spread, according to livemint.com.
The ongoing study showed that Intismeran effectively reduced the recurrence of melanoma, a serious form of skin cancer, in patients. This success triggered a sharp rise in Moderna's stock price, which soared 177% on the day, inflicting a $5.5 billion loss on short sellers who had bet against the company. Matthew Unterman, managing director at S3 Partners, described the surge as an exceptionally painful move for those shorts, per livemint.com.
The trial results mark a significant milestone in the development of personalized cancer vaccines, a field where Moderna has been investing heavily. The collaboration with Merck leverages mRNA technology, previously proven in COVID-19 vaccines, to target cancer cells more precisely. This development positions Moderna alongside other biotech firms advancing cancer immunotherapies and could reshape treatment options for melanoma patients, according to livemint.com.
Moderna's stock price jump added to mark-to-market losses for short sellers this year, totaling roughly $7.7 billion, as reported by S3 Partners. The company and Merck continue to evaluate the full study results, with further data expected to clarify the vaccine's long-term efficacy and safety profile, livemint.com noted.