Moderna shares soared 177% Wednesday, nearly tripling from $62.96 to $174.38 and adding approximately $44 billion to the company’s market value.

It was Moderna’s biggest one-day gain ever and the largest advance by an S&P 500 company in at least 25 years. The last member of the index even to double in one session was Hartford Financial, which gained 102.4% during the financial crisis on December 5, 2008.

The historic rally followed a medical breakthrough. Moderna and Merck said their personalized mRNA cancer vaccine succeeded in a Phase 3 trial involving patients with high-risk melanoma, becoming the first personalized mRNA cancer treatment to achieve that milestone.

The vaccine is created separately for each patient. Scientists analyze mutations inside the patient’s tumor and produce a customized treatment that trains the immune system to recognize and attack those cancer cells.

Combined with Merck’s Keytruda, the vaccine significantly extended the time before melanoma returned or spread following surgery.

The result could transform Moderna, which has struggled to replace declining COVID-19 vaccine revenue. It also gives Merck a potential way to strengthen its cancer franchise as Keytruda approaches the loss of important patent protections.

Merck shares climbed 12.6% to a record, while BioNTech jumped approximately 20%. Investors betting against Moderna suffered an estimated $5 billion in losses, and their rush to repurchase shares added fuel to the rally.

Moderna and Merck are preparing to seek regulatory approval, with a possible U.S. launch next year. The same technology is also being tested against other cancers, meaning Wednesday’s breakthrough could extend far beyond melanoma.

JBizNews Desk | Cambridge

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