Moderna shares surge 160% after cancer vaccine trial
The company's vaccine has shown in trials to reduce the risk of melanoma returning in the later stages of the disease, raising hopes for a new treatment for this type of cancer.
Moderna shares surge 160 percent after cancer vaccine trials.
Shares of American biotechnology company Moderna surged 159.57 percent in trading on August 19, reaching a high of $163.43, according to data from the NASDAQ stock exchange.
Bloomberg reported that the increase in quotes came amid reports that a vaccine developed in collaboration with pharmaceutical company Moderna and Merck helped reduce the incidence of relapses in the late stages of melanoma in large clinical trials. This raised hopes for a treatment for this type of cancer that could extend the lives of patients.
The company said the trial met its primary goal: The vaccine, when used in combination with Merck's Keytruda immunotherapy, reduced melanoma recurrences more than immunotherapy alone. The study also met another goal: slowing the spread of cancer to new parts of the body.
Melanoma is a malignant tumor that develops from melanocyte cells, which produce pigment in the skin. It can grow quickly and metastasize to other parts of the body. New spots or those that change in shape, color, or size are a reason to suspect melanoma. Early detection increases the effectiveness of treatment.