Moderna shares jump 176.97% after melanoma vaccine trial success with Merck

Moderna and Merck said their jointly developed mRNA melanoma vaccine trial met its goal, setting off a sharp rally in biopharma stocks. Moderna shares surged as much as 176.97% on Wednesday and closed at $174, marking the company’s biggest single-day gain on record, according to ABMedia. Merck also rose more than 12.60% to $152.20. The report said the vaccine candidate, Intismeran Autogene, used in combination with Merck’s Keytruda, reduced the risk of recurrence for some melanoma patients. Leerink Partners analyst Daina Graybosch called the Phase 3 trial result “historic.” ABMedia also said the move lifted shares of BioNTech, AbbVie, Amgen, Eli Lilly and Johnson & Johnson. The outlet added that Moderna’s latest progress came after weaker COVID-19 vaccine demand had left investors watching its transition strategy closely, while recent sector rotation had started bringing capital back into healthcare and biotech stocks.