Moderna (NASDAQ: MRNA) released midstage trial data for its experimental vaccine designed to treat patients suffering from skin cancer. Developed in partnership with pharma firm Merck (NYSE: MRK) and combined with Keytruda, the vaccine could significantly reduce the risk of death or relapse in melanoma patients.
Moderna and Merck’s Drug Combination Cuts Melanoma Risks by 49%
Moderna’s shares surged more than 12% in the premarket trading on Thursday after data from its experimental vaccine designed to treat skin cancer yielded positive results.
Trail data showed that the cancer vaccine developed by Moderna and Merck could reduce the risk of death or relapse in patients suffering from the most deadly form of skin cancer after three years.
Used in combination with Merck’s blockbuster drug Keytruda, the vaccine mitigated the risk of death or recurrence of skin cancer, also known as melanoma, by 49% in patients in later stages of the disease. That increase is compared to the results in patients who received Keytruda only.
In combination, the two treatments also reduced the risk of melanoma spreading to other body parts by 62%. The latest results build on earlier midstage trial data, demonstrating the combination of the vaccine and Keytruda’s efficacy in 157 patients. Over about two years, the treatment reduced the risk of death or relapse by 44% in melanoma patients and lowered the risk of cancer spreading by 65%.
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Moderna’s Stock Still Down 56% YTD
The Thursday surge in Moderna’s shares represents a much-needed boost after a disappointing year for the Massachusetts-based drugmaker.
With a year-to-date slump of more than 56%, Moderna’s investors have had little to be joyful about in 2023. Like Pfizer, the pharma firm has been incurring sharp quarterly losses mainly because of significantly weaker demand for COVID-19 products.
The company posted a net loss of $3.63 billion in the fiscal Q3 2023, marking a stark discrepancy from 2021, a year in which vaccine makers witnessed unprecedented growth.
However, not all pharma stocks have been underperforming this year. In contrast to vaccine-reliant Pfizer and Moderna, companies like Eli Lilly (NYSE: LLY) and Novo Nordisk (NYSE: NVO) have been having record-breaking years in terms of sales and stock performance. This ascent has mainly been driven by the ongoing obesity drug trend of these two companies’ blockbuster products, including Wegovy, Ozempic, and Mounjaro.
As a result of this unparalleled demand, Eli Lilly and Novo Nordisk rocketed over 63% and 42%, respectively, sitting close to their all-time highs.
Do you believe Moderna could bounce back in 2024 if it successfully reduces reliance on COVID-19 products? Let us know in the comments below.
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