Moderna shares surge 177% after Phase 3 melanoma vaccine win

Moderna shares surged 176.97% to close at $174.38 after Moderna and Merck reported positive Phase 3 results for intismeran autogene, a personalized mRNA cancer therapy used with Keytruda in 1,137 high-risk melanoma patients. The INTerpath-001 trial showed statistical significance and clinical meaningfulness for recurrence-free survival and distant metastasis-free survival compared with Keytruda alone, with no unexpected new safety signals. The companies described the result as the first positive Phase 3 efficacy result globally for an individualized neoantigen mRNA cancer therapy, while Moderna CEO Stéphane Bancel called it "a remarkable milestone for mRNA science" and Oxford oncology expert Lennard Lee called it "an epoch-defining milestone." Earlier Phase IIb follow-up data showed a 49% reduction in the risk of death or recurrence and a 59% reduction in the risk of distant metastasis or death. Moderna President Stephen Hoge said tens of thousands of high-risk post-surgical cancer patients worldwide could gain access as early as 2027 if approvals proceed smoothly. The companies plan to engage global regulators and submit marketing applications in the coming months, and the therapy has received Breakthrough Therapy Designation from the U.S. FDA. On Aug. 20, UBS raised its Moderna target price from $50 to $150. The announcement also lifted China’s CSI Vaccine & Biotechnology Index 9% and Hong Kong’s Hang Seng Innovative Drug Index more than 4%, while broader Asian markets and technology shares recovered.