Two months ago, Moderna’s melanoma vaccine (MRNA) gave the stock its best day ever. The leaked results from the same trial gave it its biggest intraday drop on record.
The stock fell as much as 26% before closing down more than 17%. It’s still his worst day since August 20, the session just after his best day.
202.63 -43.18 (-17.57%)
At close: 4:00:01 p.m. EDT
199.00 -3.63 (-1.79%)
More than $17 billion in market value disappeared as details of the advanced trial circulated ahead of its official debut. Merck (MRK), Moderna’s partner on the vaccine, confirmed that the results were released early. The full data is expected to be released on Saturday at Europe’s biggest cancer conference in Madrid.
The figures disclosed are still good. The personalized vaccine, combined with Merck’s blockbuster Keytruda, is said to have reduced the risk of cancer recurrence or death by 42%. An earlier, smaller trial showed 49%, although it used different patients, so it’s not a direct comparison. The bigger issue is how far the stock has already run, nearly quadrupling between mid-August and Wednesday.
Merck fell nearly 4% at its lowest before paring more than half the decline. The vaccine is central to the Moderna story, but it’s only a complement for Merck.
The rest of health is mobilized. Eli Lilly (LLY) added more than $33 billion in market value, about double what Moderna lost. Johnson & Johnson (JNJ) and Pfizer (PFE) also rose.
The iShares Biotechnology ETF (IBB) and SPDR S&P Biotech ETF (XBI) were only slightly lower, roughly in line with the S&P 500 (^GSPC).
A round trip in two months
On August 19, Moderna soared 177% to close at $174.38 after the company said the trial had met its goals. It continued to climb from there and recorded its highest close since December 2021 on Wednesday.
Thursday’s low was 4% off the August close before buyers stepped in. An extended break below $174 would put emphasis on $116. This is where the trading began on record day.
Look at the full data from Saturday, especially how low-risk patients fared.
Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on @SPYJared or send him an email to jaredblikre@yahooinc.com.
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