Mixed Reviews of Cancer Vaccine Data Cause Moderna Stock to Plummet

Moderna's stock dropped despite positive news from a Phase 2 trial of its personalized cancer vaccine in partnership with Merck. The trial showed reduced rates of cancer recurrence after therapy, by 77%, in combination with Merck's Keytruda, versus Keytruda alone. However, some analysts think the road ahead is long and tough. Moderna's 2023 outlook is not as robust as the more than $18 billion windfall it saw from the COVID vaccine in 2022, and as a result investors are watching the pipeline closely as COVID shot uptake wanes globally.