Moderna Extends Slide After $17 Billion Wipeout as Leaked Melanoma Data Fails to Impress
Updated
Updated · Yahoo Finance · Oct 23
Moderna Extends Slide After $17 Billion Wipeout as Leaked Melanoma Data Fails to Impress
3 articles · Updated · Yahoo Finance · Oct 23
Summary
Moderna shares fell nearly 2% Friday, extending a second day of losses after Thursday’s 17% drop erased more than $17 billion in market value.
Leaked late-stage data on its personalized melanoma vaccine, developed with Merck, was viewed as underwhelming by investors even though Merck confirmed the early release and the figures were not outright negative.
Wall Street had already turned cautious after the stock’s sharp rally: Goldman raised its target to $137 but kept a Neutral rating, Morgan Stanley stayed Neutral at $95, and Citi had set an $80 Sell rating last month.
The full Phase 3 results are due Saturday at Europe’s biggest cancer conference in Madrid, a key test for Moderna’s effort to shift investor focus from its shrinking COVID vaccine business to cancer treatment.