Moderna's stock plummeted 25% in a single day following a data leak regarding its cancer vaccine
Shares of pharmaceutical company Moderna plummeted after the results of a cancer vaccine trial were leaked / Photo: Tada Images / Shutterstock.com
Moderna's market value fell by a quarter following the early release of trial results for the cancer vaccine it is developing in partnership with Merck. Merck's stock price fell by less than one percent.
In August, two pharmaceutical companies reported that a Phase 3 trial of the drug had met its primary endpoints, but did not disclose any details. The full results were scheduled to be presented on Saturday at the European Society for Medical Oncology (ESMO) conference in Madrid. However, on October 22, the website Oncology Central, owned by the Informa publishing group, reportedly published the data ahead of schedule, breaking the embargo, according to MarketWatch.
The drug intismeran was tested on patients with melanoma to evaluate its ability to prevent disease recurrence. The vaccine is customized based on the patient’s tumor and is used in combination with Keytruda, an anticancer drug from Merck. According to published results, the combination reduced the risk of recurrence or death by 42% compared to using Keytruda alone, CNBC reports.
Moderna has been one of the top performers in the S&P 500 this year thanks to the successful results of its vaccine trials. On August 19—the day it announced preliminary data—its stock price surged 120%. Merck’s stock also repeatedly hit all-time highs following the announcement of its results, according to MarketWatch.
This news story is being updated.
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