Moderna Stock Soars 177% on Positive Cancer Drug Clinical Trial Results

Moderna's stock price skyrocketed by 177% in a single day. The surge comes after the company, in collaboration with Merck, secured positive results from late-stage clinical trials for its mRNA personalized cancer therapy, 'INTASMELEN,' targeting melanoma.

INTASMELEN works by analyzing a patient’s tumor tissue to design an mRNA that targets up to 34 unique neoantigens. This approach induces the patient's T-cells to recognize and attack the cancer cells. Rlink Partners has raised the 2032 sales potential estimate for INTASMELEN from a previous maximum of $1.2 billion to approximately $1.4 billion.

However, as specific clinical figures and overall survival data have not yet been released, the actual success of the therapy depends on the progress of regulatory procedures.

Analysts attribute the sharp rise in part to a short squeeze by short-sellers. According to financial information firm Ortex, Moderna's short interest reached 13.5% of its float. As the stock price surged, short-sellers rushing to cut their losses by buying back shares created additional upward pressure, according to experts.