Moderna shares close at $245.81 ahead of melanoma treatment data presentation
Key Facts
Moderna shares closed at $245.81 in the October 21, 2026 session, according to EL7 data, ahead of a planned presentation of details from a trial of its experimental melanoma treatment with Keytruda. Merck and Moderna said the combination of intismeran and Keytruda improved recurrence-free survival compared with Keytruda alone. The companies also reported an improvement in distant metastasis-free survival, describing the improvements in both measures as "statistically significant and clinically meaningful". On safety, they said in the statement that "no new safety signals were observed" during the trial. The study examined the combination treatment in patients with high-risk cutaneous melanoma following complete surgical removal of the tumor, the population in which the treatment aims to reduce disease recurrence.
The trial enrolled 1,137 patients, according to Merck's statement, with the target population spanning stage IIB to stage IV cutaneous melanoma. Participants were randomly assigned in a 2:1 ratio to receive intismeran with Keytruda or Keytruda alone, allowing a comparison of the combination treatment with monotherapy. Intismeran is individually designed and manufactured using a sample of the patient's tumor, according to the company's description of how the treatment is prepared. The sample is used to identify the tumor's mutational signature and stimulate an immune response against it. As background to this trial, follow-up from an earlier phase II study had shown a 49% relative reduction in the risk of recurrence or death when intismeran was added to Keytruda, compared with Keytruda alone. Follow-up from the same earlier study showed a 59% relative reduction in the risk of distant metastasis or death with the combination treatment compared with monotherapy. The two percentages refer to a comparison of the risks of these outcomes between the treatment groups in follow-up from the earlier phase II study, and are not cure rates.
In trading, Moderna shares were volatile in the period following the announcement of the initial results, falling more than 16% in early U.S. trading on August 20, according to Investing.com. In morning trading on October 19, the stock rose 4.4% to $227.50, according to the site's coverage published that day. The report said Bank of America raised its price target for the stock to $220 from $200. The bank maintained its neutral rating on the stock despite raising the price target. The reported morning trading price in that session was above the revised price target cited in the coverage.
Details of the melanoma trial are scheduled to be presented on Saturday, October 24, at the European Society for Medical Oncology congress, according to an announcement reported by Investing.com. The results were selected for presentation at the congress's presidential session, with the presentation scheduled for 4:30 p.m. Central European Summer Time. Moderna also plans to hold a webcast that day to discuss the presentations at the congress. The webcast is scheduled to begin at 7:00 p.m. Central European Summer Time, after the scheduled presentation of the trial results at the presidential session. Alongside the presentation of the details, Merck said follow-up in the study continues to assess additional endpoints, including overall survival.