Moderna shares slide despite positive melanoma vaccine data

The phase 3 trial showed that 82% of patients receiving the vaccine, known as intismeran autogene, in combination with Merck’s Keytruda remained recurrence-free after two years. This compares to 70% of those treated with Keytruda alone. The therapy also lowered the risk of cancer spreading to distant organs by 38%.

Analysts attributed the sharp sell-off to inflated investor expectations rather than flaws in the clinical results. BMO Capital Markets analyst Evan Seigerman described the data as clinically meaningful, noting that the market reaction appeared to be a correction of over-optimism. Similarly, UBS analysts characterized the results as a strong set, bolstering confidence for upcoming trials in kidney and bladder cancers.

This vaccine represents a vital pillar in Moderna’s pipeline as it pivots beyond its Covid-19 portfolio. While the personalized nature of the treatment currently requires a six-week manufacturing cycle, Merck CEO Robert Davis indicated that the company is working to compress that timeline. The full findings are scheduled for presentation at the European Society for Medical Oncology conference this weekend.