Moderna shares fell sharply after early disclosure of phase-three data for its personalized melanoma vaccine, closing at $202.63 after an intraday low of $180.80, BlockBeats reported.
Positive trial results met a high market bar
The stock’s intraday low was about 26.45% below the prior close and 28.95% below its Oct. 21 high of $254.48. Shares later recovered part of the decline but still finished down 17.57%.
Reuters, as cited by BlockBeats, reported that the Moderna-Merck treatment reduced melanoma recurrence or death risk by 42% and distant metastasis or death risk by 38%. The report said investors had already priced in substantial expectations after Moderna gained more than 500% over the year.