Moderna Sinks 25%, Erasing $18 Billion After 176% Cancer Vaccine Rally
Updated
Updated · Forbes · Aug 20
Moderna Sinks 25%, Erasing $18 Billion After 176% Cancer Vaccine Rally
3 articles · Updated · Forbes · Aug 20
Summary
$129 Moderna shares fell more than 25% Thursday, slashing the company’s market value to $51.5 billion after Wednesday’s record 176% jump.
The pullback looked like profit-taking after Moderna said its personalized mRNA melanoma vaccine, used with Merck’s Keytruda, cut recurrence and extended time without the cancer returning.
Bank of America still called the trial a “watershed moment” and lifted its price target to $170 from $40, though analysts said more testing is needed to show how much the combo improves on Keytruda alone.
The results could help Moderna diversify beyond its fading COVID franchise, which followed a latest quarter showing a $782 million net loss on $145 million in revenue.