Moderna Stock Jumps. Its mRNA Cancer Vaccine is Getting Ready for Its Next Big Test.

Dow Jones
Sep 22

Moderna stock nearly tripled in a single day last month after the drugmaker proved a personalized cancer vaccine is no longer just theoretical. Investors are about to find out what's next.

The drugmaker announced Monday that three abstracts on intismeran autogene, the mRNA cancer vaccine co-developed with Merck, were accepted for presentation at the annual meeting of the European Society for Medical Oncology (ESMO).

ESMO is one of largest oncology conferences in the world, spanning five days in late October. Analysts had been looking forward to the event for more details about the cancer vaccine, which is engineered to flag dozens of mutations unique to each patient's tumor. That personalization makes the product markedly different from Moderna's existing portfolio of vaccines.

However, investors now have a clear sense of what the abstracts contain. The highest-profile presentation will showcase the results of a Phase 3 trial evaluating a combination of intismeran autogene and Merck's Keytruda as an adjuvant treatment for resected melanoma, where patients have had skin tumors completely removed. An early look at the data in August showed the combined treatment prevented cancer from returning more effectively than Keytruda alone.

A second presentation will focus on early-stage trial results for the vaccine following Folfirinox, an aggressive chemotherapy regimen, in patients with cancer confined to the small ducts in the pancreas. A third will highlight Phase 3 results showing the efficacy of intismeran autogene alongside immunotherapy in patients with early-stage non-small cell lung cancer.

Shares jumped 8.4% on Monday, making Moderna one of the top performing stocks in the S&P 500. The rally underscores the intense enthusiasm and high expectations surrounding the treatment.

The Phase 3 results marked a major success for the field of personalized cancer vaccines. Similar candidates have fallen short of targets in late-stage clinical testing, as Leerink Partners analyst Lili Nsongo noted last month, adding that these historical failures "paint a complex picture for mRNA cancer vaccines."

Just days after the intismeran autogene data thrust Moderna into the spotlight, BioNTech announced that it scrapped a clinical trial for its own mRNA cancer vaccine. The biotech's U.S.-listed shares rose 1.2% on Monday.

Although questions remain around the size of the market opportunity, intismeran autogene's approval would be a historic first in the field of oncology, as well as an important endorsement of Moderna's mRNA platform following years of scrutiny.

 

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