Moderna Slides 10% as Traders Brace for Oct. 24 Cancer Vaccine Data
MRNA has more than doubled off its 52-week low of $22.28.
Summary
Moderna dropped nearly 10% Friday, the worst performer in the S&P 500, as investors de-risk ahead of detailed INTerpath-001 data due Oct. 24 at ESMO. The stock is down more than 5% this week, a sharp reversal from the 170%+ single-session surge in August when the Phase 3 trial of intismeran autogene plus Merck's Keytruda hit its primary endpoint of recurrence-free survival in resected melanoma. The pullback reflects nerves about whether the full presentation will justify that move, with several Seeking Alpha analysts turning cautious and one calling the valuation 'story-driven and speculative.' Merck is the partner on the program and shares the readout risk, but the outsized price action is in Moderna. The Oct. 24 ESMO presentation is the binary event that will set the tone from here.
At the time of this announcement, MRNA was trading at $212.67 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $84.9B. The 52-week trading range was $22.28 to $242.29. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.