Moderna stock jumped 25% on a ‘big day for patients’

By:
on Dec 13, 2022
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  • Moderna reports promising results for its experimental cancer vaccine.
  • CEO Stephane Bancel discussed the update on CNBC's "Squawk Box".
  • Wall Street has a consensus "overweight" rating on Moderna stock.

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Shares of Moderna Inc (NASDAQ: MRNA) are up nearly 25% on Tuesday after the biotech firm said its experimental vaccine for melanoma showed promising results in a small study.

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What’s next for its mRNA vaccine?

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When given in combination with Merck & Co Inc’s (NYSE: MRK) Keytruda, its mRNA vaccine proved to be effective in lowering recurrence of the skin cancer and death by a massive 44% versus treatment with Keytruda only.

Moderna stock is also up because the two companies now intend to begin a Phase 3 clinical trial in 2023. Discussing the news this morning on CNBC’s “Squawk Box”, Stephane Bancel – the Chief Executive of Moderna Inc said:

We are excited because this is definitive. We’ll talk to regulators to see what we can do to accelerate this as much as we can. So, it’s a big day for patients.

Merck shares are also trading slightly up this morning.

Moderna stock up on future possibilities

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Moderna will also work with Merck to see if the combination of its mRNA vaccine and Keytruda is just as effective against other types of tumours, as per the press release. CEO Bancel added:

Thanks to our product, the T-cell can recognise more epitopes. That’s important [because] as your cancer evolves, you can keep it in check, because there’s 34 mutations coded in every one product for patients.

Last month, the Nasdaq-listed firm reported financial results for its third quarter that came in well below the analysts’ estimates.

Wall Street currently recommends buying Moderna stock that’s down 13% for the year at writing.

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