- Moderna shares dropped 20.4% to $140.55 after opening on August 20
- Shares surged 177% to $176.66 after positive melanoma vaccine trial news
- Moderna's vaccine showed first positive Phase-3 result for mRNA cancer vaccine
Shares of Moderna witnessed sharp correction after the opening bell on Thursday, August 20, with the stock tumbling as much as 20.4% to $140.55
The decline comes after Moderna shares skyrocketed 177% to a high of $176.66 during the previous trading session. The shares surged after investors stayed bullish on the company's recorded successful trial for Melanoma (skin cancer) vaccine, which has been developed along with Merck.
With Wednesday's jump, the pharmaceutical giant's share price has hit its highest level since 2024.
According to Moderna, the latest results were the first positive outcome observed in a large-stage trial for an mRNA cancer vaccine. Moderna's vaccine injection coupled with Merck's immunotherapy Keytruda achieved the intended objective in Phase-3 of the trial with over 1,100 patients with higher-risk or advanced melanoma having their detected cancer entirely removed via surgery.
Professor Georgina Long, the study's primary investigator and medical director of Melanoma Institute Australia, called the results a " landmark moment" for the treatment of melanoma via adjuvant means.
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