The share price of Moderna soared past 90% in US pre-market trade after it announced success in the results of a trial with regards to its Melanoma (skin cancer) vaccine that it is developing with Merck, according to reports on Wednesday.
The firm's shares were up 91.01% to $120.26 on the NadaqGS's pre-market trade at 8:39 a.m. EDT (Eastern Daylight Time).
The stock touched a peak of $130.52 which marked a surge of 110% from the previous day's trade. The pharmaceutical company's share price hit its highest level since 2024 in pre-market trade, after the announcemet.
The company stated that this was the first positive outcome observed in a large-stage trial for an mRNA cancer vaccine.
Professor Georgina Long, who was 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.
Despite Moderna's rise, Merck, whom it had partnered with did not see a similar jump in its shares with it being a quarter of the levels it had hit during the company's peak performance in 2021 post news of the development of the Covid vaccine.
(This is a developing story.)
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