Optimism about a potential breakthrough in personalised cancer treatment has sent shares in Moderna soaring by nearly 100%.
A late-stage trial of its experimental, vaccine-based treatment, called Intismeran, reduced skin cancer re-growth and stopped it spreading to other parts of the body.
Intismeran combines an immunotherapy drug created by US pharmaceutical company Merck with a Moderna mRNA vaccine, a type of shot authorised widely to treat COVID-19.
In this case, though, the vaccine is made-to-order, based on an analysis of mutations found in the patients' particular tumours.
When trading opened on the Nasdaq in the United States, shares in Moderna jumped more than 84% to $115.91, before rising to $126.81, more than double yesterday's closing price of $62.96.
Meanwhile, Merck rallied by more than 8% on the open to $146.50.
The therapy could generate about $3bn for treating melanoma by 2035, according to Barclays analysts last month.
The ongoing trial enrolled 1,137 high-risk patients with stage IIB-IV melanoma that had been surgically removed.
Volunteers were selected at random to receive up to nine doses of Keytruda plus the personalised vaccine or Keytruda alone for about one year.
Lale Akoner, global market strategist for eToro, said: "Moderna and Merck's melanoma vaccine success is a major confidence boost for investors... the sharp share-price reaction reflects that potential."
"(but) we think that retail investors should keep expectations measured. The companies have not yet released the full trial data, overall survival results are still pending, and manufacturing personalised vaccines at scale could be expensive and complex.
"Investors should therefore watch for next important steps, which will be detailed clinical results, regulatory progress and evidence that the technology works across other cancers."
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Merk and Moderna announced results of a mid-stage trial in January showing that it reduced the risk of recurrence or death by 49% after five years.
Melanoma is the deadliest form of skin cancer. Some 2,600 people died with melanoma skin cancer from 2022 to 2024 in the UK, according to Cancer Research.
(c) Sky News 2026: Moderna's share price nearly doubles on hopes of cancer treatment breakthrough
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