Moderna stock price is skyrocketing on mRNA cancer vaccine trial news: Here’s what’s happening

Moderna and Merck announced today that their personalized mRNA-based cancer vaccine, combined with Merck’s immunotherapy medication Keytruda, met initial goals in a late-stage trial. 

The ongoing mRNA cancer vaccine study involves 1,137 patients with high-risk melanoma that has been surgically removed.

In early results, the trial met its primary target of reducing the risk of cancer recurrence and its secondary target of reducing the risk of cancer spreading to other parts of the body.

How are markets reacting to the news?

Shares of Moderna Inc (Nasdaq: MNRA) were up over 120% in early trading on Wednesday. As of this writing, the stock was trading at a high point it hasn’t seen since mid-2024.

Merck & Co Inc (NYSE: MRK) saw its stock price rise a more modest 11%.

Why the announcement is notable

It’s the first positive Phase 3 result for a personalized cancer therapy, for any mRNA-based cancer therapy, and for any treatment to show meaningful improvement over using Keytruda alone.

After a tumor is surgically removed, scientists sequence and analyze the DNA to identify its unique mutations. Then they build a personalized vaccine, called Intismeran Autogene, tailored to the patient’s unique mutations, training the immune system to recognize and attack those cancer markers. It’s paired with the immunotherapy medicine Keytruda to help the body better detect and fight off cancer cells.

“These Phase 3 findings represent a pivotal moment for the field of cancer research,” Stéphane Bancel, CEO of Moderna, said in a statement. “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.”

Merck and Moderna are testing the vaccine in nine ongoing trials across multiple tumor types and stages of disease, including lung cancer, bladder cancer, and kidney cancer.