Moderna Shares Sink Over 25% on Cancer Vaccine Data: About $24 Billion in Market Value Wiped Out
New York: Shares of U.S. biotechnology company Moderna sank more than 25% on October 22, set for the stock's steepest one-day percentage fall on record, wiping out about $24 billion from the drugmaker's market value. The selloff came as Moderna and Merck released detailed late-stage trial data for their personalized melanoma vaccine, intismeran, in what analysts called a classic sell-the-news reaction after a rally that had lifted the stock over 500% this year.
The data itself drew praise from analysts. In a late-stage trial of more than 1,100 patients with high-risk melanoma, intismeran combined with Merck's immunotherapy Keytruda reduced the risk of cancer recurrence or death by 42% and cut the risk of distant metastasis or death by 38% compared with Keytruda alone. Interim data reported in August had already shown the vaccine cut the risk of recurrence and cancer spread. The detailed results, based on patient data for the first two years after treatment, are scheduled to be presented on Saturday at the European Society for Medical Oncology meeting in Madrid. The companies said overall survival data are not yet mature but show a favorable trend, and that they are engaging with regulatory authorities.
The market reaction contrasted with the reviews of the data. UBS analyst Michael Yee said the recurrence-free survival results were solid data and that the pullback was an expected sell-the-news event. William Blair analyst Myles Minter described the data as great and agreed the reversal looked like a sell-the-news reaction, while noting investors may now question whether the treatment will prove as effective in other cancer types to justify the high valuation. TD Cowen analysts called the 42% recurrence reduction compelling and squarely in the exceptional range defined by medical experts.
Moderna and Merck released the data after the results leaked on an oncology website earlier in the day, sparking the stock fall. Moderna shares were last down 25.2% at $183.88, while Merck shares fell nearly 1%. (GSM, reporting from Reuters)
Published by GSM · USA (original Chinese edition)
Photo: 图：位于马萨诸塞州 Cambridge 的 Moderna 公司总部大楼入口。Fletcher 摄，CC BY 4.0，经维基共享资源。Photo: Entrance to Moderna headquarters in Cambridge, Massachusetts. Photo by Fletcher, CC BY 4.0, via Wikimedia Commons.
