Moderna shares rise 4.4% ahead of skin cancer vaccine trial details

Key Facts

Moderna shares rose 4.4% in morning trading on October 19, 2026, ahead of the presentation of skin cancer vaccine data, according to Investing.com. The stock traded at $227.50 during the session, ahead of the scheduled presentation of trial details for the treatment developed with Merck. The website reported that Bank of America raised its price target for the stock to $220 from $200. The bank maintained its neutral rating alongside the price target revision. The move comes ahead of the presentation of melanoma study results at a presidential session of the European Society for Medical Oncology congress, according to a Moderna statement.

Moderna and Merck announced in August positive topline results from the phase 3 trial testing intismeran with Keytruda to treat skin cancer. Merck said the study met its primary endpoint of recurrence-free survival among participating patients. The trial enrolled 1,137 patients who had undergone complete surgical resection of their tumors before receiving the study treatment. Participants were randomized in a 2:1 ratio between a group receiving intismeran with Keytruda and a comparison group receiving Keytruda alone, according to the company. The companies added in their announcement that the trial showed "no new safety signals," alongside meeting its primary efficacy endpoint.

Intismeran is designed individually for each patient based on the unique mutations in their tumor, according to the Associated Press. The personalized treatment is used with the immunotherapy Keytruda in the program being developed by the companies. The phase 3 trial was preceded by a phase 2b study comparing the addition of intismeran to Keytruda with Keytruda alone. That study showed a 49% reduction in the risk of recurrence or death among recipients of the combination treatment, according to Merck's statement on the follow-up results. The company described the result as a "49% reduction in the risk of recurrence or death" in the comparison between the study's treatment groups.

Median follow-up in the updated analysis of the phase 2b study was 60.3 months, according to Merck. The follow-up also examined the risk of distant cancer spread or death among patients who received the combination treatment. That measure showed a relative reduction of 59% compared with the Keytruda-only group, according to results announced by the company. The phase 3 trial continues to evaluate additional secondary endpoints after meeting its primary endpoint of recurrence-free survival. These endpoints include overall survival, according to Merck's statement, as part of the study's ongoing follow-up of the combination treatment after surgical resection.

The announcement of the trial's success was accompanied by a 60% rise in Moderna shares in premarket trading on August 19, 2026, according to Reuters. The jump followed the announcement of topline results from the large trial of the skin cancer vaccine developed with Merck. On the business front, Moderna reported revenue of $145 million in the second quarter of 2026, according to its filing with the U.S. Securities and Exchange Commission. Revenue in the same period of 2025 was about $142 million, according to the filing. Second-quarter revenue thus exceeded the comparison period's level as the melanoma treatment program advanced to phase 3 results.

Study details are scheduled to be presented on Saturday, October 24, 2026, at 4:30 p.m. Central European Summer Time, according to Moderna's statement. The presentation was selected for the presidential session of the European Society for Medical Oncology congress, which will host the results presentation. When announcing the topline results, the companies said they would present them at a medical conference, according to Reuters. They also said they would share the results with regulators as part of the next steps following the announcement of the trial's success. On the same day, Moderna will host an investor webcast at 7:00 p.m. Central European Summer Time, after the scheduled medical presentation.