Moderna shares fell 17.57% Thursday after its Phase 3 melanoma results surfaced ahead of a planned presentation, while its development partner Merck also ended lower. Moderna closed at $202.63, and Merck dropped 1.8%, Gulf News reported.
Moderna published the full report on Oct. 22. Gulf News said the trial enrolled more than 1,100 people at high risk of melanoma returning after surgery and compared intismeran autogene plus Keytruda with Keytruda alone. The Phase 3 results showed a 42% reduction in the risk of melanoma recurrence or death and a 38% reduction in the risk of distant metastasis or death.
An August update described improvement in recurrence outcomes without reporting figures, Gulf News said. See EconoTimes’ earlier coverage of the trial. Gulf News reported that investors had expected stronger results after that update.
The earlier study showed reductions of 49% in the risk of recurrence or death and 59% in the risk of distant metastasis or death, Gulf News reported. The earlier research involved a different patient group and observation period, the outlet said, limiting direct comparisons.
The melanoma program is also a test of Moderna’s effort to build a broader oncology business using mRNA technology, Gulf News reported. Moderna and Merck have other cancer trials underway, including studies in kidney and bladder cancer; the outlet identified those as future data points but gave no release dates. The Phase 3 findings are scheduled for presentation in Madrid on Oct. 24, Gulf News reported.
