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Original headline: Moderna’s stock tumbles after reported leak of data for cancer vaccine
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- Stocktwits Pharma Pulse: Moderna-Merck Cancer Vaccine Grabs Spotlight As Kidney-Cancer And MS Data Pour In
Biotech news this week focuses on kidney cancer, multiple sclerosis, Huntington's disease and personalized cancer treatment, as Arcus Biosciences (RCUS), Alnylam (ALNY), Moderna (MRNA) and Merck (MRK) release clinical updates alongside earnings and conferences. Last week, the health care ETF XLV gained 3%, outperforming SPY (down 2%) and QQQ (down 6%), while the biotech ETF XBI fell 6%. Arcus will present kidney-cancer data from its ARC-20 study of Casdatifan, Achieve Life Sciences will report year-long Cytisinicline findings for smoking cessation after a June FDA rejection it says concerned manufacturing and labeling, and Alnylam will share initial Phase 1 ALN-HTT02 results for Huntington's disease. Moderna and Merck will present Phase 3 INTerpath-001 melanoma data on Saturday, comparing individualized treatment intismeran autogene plus Keytruda with Keytruda alone after surgery, while a number of other companies will present multiple sclerosis updates through the week.
- Moderna shares plunge after leak of partial cancer vaccine data despite positive results
Moderna shares fell as much as 25% on Thursday after partial data from its cancer vaccine developed with Merck leaked ahead of the full results, which were released later that day. The full data appeared positive relative to Wall Street expectations: the personalized vaccine intismeran autogene, combined with Keytruda, reduced the risk of recurrence or death in certain melanoma patients by 42% versus Keytruda alone, and cut the risk of distant spread or death by 38%. Detailed phase 3 results will be presented at the European Society for Medical Oncology conference this weekend. Investors view the vaccine as a possible breakthrough that could extend to other cancers, and the stock has spiked more than 530% this year on high expectations.
- Moderna is about to release the trial results for its cancer vaccine. A lot is riding on this data.
- Forget COVID: Moderna Is Turning Into a Cancer Company -- and Wall Street Is Taking Notice
- Move Aside, Moderna: This mRNA Stock Is Sitting on a Cash Pile and a Deep Cancer Pipeline
BioNTech had 16.6 billion euros in cash, cash equivalents and securities at the end of the second quarter and has announced a share buyback of up to $1 billion. Its only commercialized product is Comirnaty, the COVID-19 vaccine it developed and markets with Pfizer, while it aims to become a multiproduct oncology company by 2030. Its pipeline includes 14 ongoing pivotal trials and more than 10 novel combination approaches, with pumitamig, developed with Bristol Myers Squibb, showing encouraging lung cancer results with chemotherapy and being tested in seven pivotal trials under the ROSETTA program. Of the 20 analysts covering the stock, 13 rate it a strong buy and the rest a hold, with target prices implying potential upside of 5% to 64%. The stock trades at a price-to-sales ratio of 7, but risks include trial failures, regulatory delays, competition and declining COVID-19 vaccine revenue.
- Moderna Tumbles 10% as Profit Taking Hits Cancer Vaccine Rally; BioNTech Eases, Pfizer Stays Put
Moderna shares fell 10% to $214.03 in morning trading as investors took profits after a steep rally tied to its personalized cancer vaccine. In August, Moderna said intismeran autogene, given with Keytruda, met its primary endpoint in a late-stage melanoma trial, sending the stock to its best single-day gain ever. Five-year follow-up from a Phase 2b study showed the combination cut the risk of recurrence or death by 49% versus Keytruda alone. Meanwhile, BioNTech fell 2%, Pfizer rose 0.3%, the iShares Biotechnology ETF slid 2% and the S&P 500 ETF (SPY) dipped 0.1%, pointing to selling concentrated in Moderna. Goldman Sachs raised its price target but kept a Neutral rating, with full melanoma data due at ESMO later this month.
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