Moderna’s mRNA cancer therapy met key endpoints in a Phase 3 trial, triggering a record stock rally and $4.8B in short losses.
Moderna (MRNA) shares jumped 131% to near $148, peaking at $163 intraday, after its personalized mRNA cancer therapy combined with Merck’s Keytruda met primary endpoints in the Phase 3 INTerpath-001 trial. The trial achieved recurrence-free and distant-metastasis-free survival goals in resected melanoma patients.
The result marks the first successful Phase 3 readout for a personalized neoantigen therapy and an mRNA-based cancer treatment. Short sellers faced $4.8 billion in mark-to-market losses as short interest stood at 13.5% of the free float. Merck (MRK) shares also rose on the news.
The therapy, intismeran autogene, uses mRNA to teach the immune system to target tumor-specific mutations. Doctors sequence each patient’s tumor to create a tailored treatment, paired with Keytruda’s immunotherapy.