Moderna stock crashes 25%, loses about $24 billion after cancer vaccine data leak

Moderna's stock price plummeted over 25% after trial results for its personalized melanoma vaccine with Merck were made public. This sharp decline wiped out approximately $24 billion from Moderna's market value, ending a significant rally this year. The drop was expected, as investors often sell after news becomes public, but the trial results still showed promising reductions in cancer recurrence when paired with Merck's Keytruda. This outcome suggests the vaccine has potential, but investors' initial reaction was to sell, likely due to the uncertainty surrounding the leaked information.

Why it matters

Moderna's cancer vaccine trial results were disappointing, which could impact investor sentiment in the biotech sector. The significant decline in Moderna's stock price may lead to a broader sell-off in biotech stocks.

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