Moderna (MRNA) stock jumped 14% on Friday, hitting its highest level since January 2022, after The New York Times reported new details about an effort to speed up development of a cancer vaccine. Investors notably viewed the mRNA biotech company as a beneficiary.
Biotech stocks, including Pfizer (PFE), BioNTech (BNTX), and Merck (MRK), rallied on this news. Shares of Novavax (NVAX) jumped 15%.
225.00 +28.00 (+14.21%)
At close: 4:00:01 p.m. EDT
224.97 -0.03 (-0.01%)
According to the New York Times, the new initiative is a public-private partnership – similar to the effort that produced COVID-19 vaccines – that involves the National Institutes of Health (NIH), the nonprofit arm of the NIH, researchers, pharmaceutical and biotechnology companies, advocacy groups, other nonprofit organizations and patients.
Stacey Adam, a senior clinical officer at the NIH Foundation, told the New York Times that she expects the program to launch in December. In 2024, the UK launched a similar program, called the Cancer Vaccine Launch Pad.
Cancer vaccines are considered the next frontier in cancer treatment. But they represent an emerging bet.
Unlike other vaccines, such as COVID-19, which aim to prevent infection, cancer vaccines are designed to target cancer cells in patients who already have the disease.
Moderna is considered a leader in the field of mRNA-based cancer treatment. The stock rose in August on positive results from a melanoma treatment, developed with Merck, which showed positive results in a late-stage trial.
Year to date, Moderna stock is up 662%.
Click here for the latest stock news and in-depth analysis, including the events that move stocks.
Read the latest financial and business news from Yahoo Finance
Gn bussni
