Stock Market Today, Aug. 19: Moderna Skyrockets 177% on Positive Phase 3 Melanoma Data
Moderna (NASDAQ:MRNA), an mRNA medicine and preventive vaccines provider, closed at $174.38, up 176.97%. Shares surged after Moderna and Merck reported positive Phase 3 melanoma data. Investors are watching for FDA plans and further developments for the treatment. Trading volume reached 185.1M shares, coming in about 1,819% above its three-month average of 9.6M shares. Moderna IPO'd in 2018 and has grown 838% since going public.
How the markets moved today
S&P 500 (SNPINDEX:^GSPC) rose 0.21% to 7,708, and the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 0.16% to 26,331. Among biotechnology names focused on the discovery, development, and commercialization of mRNA-based therapies and preventive medicines, BioNTech SE (NASDAQ:BNTX) closed at $113.12, up 21.96%, while Pfizer (NYSE:PFE) closed at $28.25, up 3.69%.
What this means for investors
Today, Moderna's market cap rose from $25 billion to $69 billion as the company announced positive Phase 3 data from a trial pairing its intismeran autogene with Merck's KEYTRUDA melanoma treatment. This was Moderna's first individualized neoantigen therapy (INT), and it delivered meaningful improvements for patients compared to KEYTRUDA alone.
Moderna's soaring share price today isn't just so much that intismeran could be helpful with melanoma, but that it could also see success across many other ongoing cancer trials. The company has intismeran in multiple Phase 2 and 3 ongoing cancer trials, so the market is pricing in the potential for immense growth optionality from Moderna's first INT (and the many more that could be following).
Trying to "value" MRNA stock after a day like today is probably an exercise in futility, but today's news is great for investors and humans alike. This will be a fascinating development to continue watching.
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Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends BioNTech SE, Moderna, and Pfizer. The Motley Fool has a disclosure policy.
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